Alibaba announced today that it will acquire all outstanding shares that it does not already own in food delivery platform Ele.me. The transaction implies the enterprise value of Ele.me at US$9.5 billion. Alibaba and its financial arm Ant Financial are already the largest shareholder in the company with approximately 43% shares.

Rumors of Alibaba’s acquisition of Ele.me have been circulating since December last year with the peak hitting at the end of February when Beijing Hualian Department Store, a shareholder in Hong Kong-based Rajax which owns and operates Ele.me, announced that Rajax is indeed talking to Alibaba about increasing its stake in Ele.me.

Read more: What does Alibaba’s takeover of Ele.me mean? This is what China is saying

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.