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Report: Alibaba to buy Baidu's stake in Ele.me to dominate food delivery market

Alibaba Group Holding Ltd. agreed to purchase Chinese food delivery startup company Ele.me from Baidu Inc. and other investors, Bloomberg reported Feb. 26, citing a person familiar with the matter.

The e-commerce giant already owned 23% of the startup as of May 2017, the report added.

The details of the transaction are unclear, but Ele.me was valued at $5.5 billion to $6 billion during a fund-raising in May 2017, the report added.

The acquisition, if completed, would give Alibaba the biggest share of China's online food delivery market and make it a competitor of Meituan Dianping, which is backed by Tencent Holdings Ltd.

Alibaba, Ele.me and Baidu reportedly declined to comment.