Chinese e-commerce firm Alibaba Group Holding Limited has taken an undisclosed minority stake in US online shopping services firm ShopRunner Inc for USD75m (EUR56.3m), the Financial Times reported, citing sources.
The investment was made as part of the buyer’s efforts to bolster its presence in big markets beyond China, ahead of its initial public offering, which, according to bankers, would take place in Hong Kong later this year or early next year, the paper said.
One of the sources explained that through the deal the buyer, which is headed by Yahoo! Inc (NASDAQ:YHOO)’s ex-CEO Scott Thompson, would be able to gain more knowledge about the operation of the US retail market. Alibaba and ShopRunner refused to comment.