Hangzhou-headquartered Chinese e-commerce giant Alibaba Group Holding says it would acquire the remaining stake of mobile-browser company UCWeb it doesn’t already own for an undisclosed amount, according to Alibaba’s official Weibo account.
Alibaba currently owns 66% of UCWeb, which provides smartphone services including a browser, a search engine, an app store and a gaming platform with over 500 million users globally.
After the completion of the deal, which will be financed with a combination of cash and stock, Alibaba will integrate USWeb into its own mobile operations. USWeb’s CEO Yu Yongfu will become the head of a mobile business group within Alibaba.
The latest deal follows an over US$5 billion shopping spree by Alibaba and its founder Jack Ma in 2014.