On Tuesday, Alibaba Group Holding Limited announced that it acquired a controlling stake in Southeast Asian e-commerce platform, Lazada, for $1 billion USD.

The acquisition includes $500 million USD in Lazada shares, as well as purchased shares from other Lazada stakeholders, including Rocket Internet, Tesco, and Kinnevik. Following the transaction, Lazada’s valuation stands at $1.5 billion USD.

“With the investment in Lazada, Alibaba gains access to a platform with a large and growing consumer base outside China,” said Michael Evans, president of Alibaba.

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Eva Xiao

Eva Xiao is a tech reporter based in Shanghai. Contact her at eva.xiao@technode.com or evawxiao (wechat & twitter).