The China-based e-commerce company is set to extend its acquisition activity by buying navigation service AutoNavi in a deal worth about $1.5bn.
E-commerce company Alibaba has agreed to acquire China-based digital map service AutoNavi for about $1.5bn, according to Reuters.
Shareholders will receive $21.00 per American Depositary Share, a premium of 1.7% on the price AutoNavi closed at on Friday and a 68% premium on the price at which AutoNavi floated on Nasdaq in a $107m initial public offering in 2010.
Alibaba initially invested $294m for a 28% stake in AutoNavi in 2013, Asian Venture Capital Journal reported, in a deal that…
