Alibaba To Acquire Full Control Of UCWeb

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.

Founded in 2014, UCWeb is backed by investors including Chinese smartphone maker Xiaomi’s founder Lei Jun, Morningside Venture Capital, Ceyuan Ventures, Nokia Growth Partners and GGV Capital.

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