Alibaba Group, the Chinese ecommerce company, is to fully acquire the maker of the country’s most popular smartphone web browser, as it seeks to compete with rival Tencent for mobile internet users.
Under a deal announced yesterday, Alibaba will pay a mixture of cash and shares to buy the roughly 34 per cent of UCWeb that it does not already own.
No price was disclosed but Yu Yongfu, UCWeb’s chairman, told Chinese news website Tencent Tech the deal valued his company at twice the size of China’s largest internet acquisition: the $1.9bn paid by search engine Baidu for app store 91 Wireless last year.
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