Alibaba-backed Lazada to
buy Singapore online grocer RedMart
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[November 02, 2016]
SINGAPORE (Reuters) -
Lazada Group, a southeast Asian e-commerce company
backed by Alibaba Group Holding Ltd, agreed to buy
Singapore-based online grocer RedMart, the two companies
said in a statement on Wednesday. |
![](../images/110216PICS/busine41.jpg)
An employee at online retailer Lazada walks into the
company's office in Jakarta, Indonesia April 15, 2016.
REUTERS/Darren Whiteside - RTX2A348 |
The
statement did not disclose the value of the deal, which is
expected to be completed in the current quarter.
Led by its current management, RedMart will continue to operate
independently after the transaction, they said.
Goldman Sachs (Asia) LLC was the financial adviser to Lazada
Group and Credit Suisse (Singapore) Limited advised RedMart.
(Reporting by Aradhana Aravindan; Editing by Muralikumar
Anantharaman)
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