trending Market Intelligence /marketintelligence/en/news-insights/trending/4tntevgymqd0w_w3kz9q2g2 content esgSubNav
In This List

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

Blog

Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

Blog

SVOD players open to hybrid models; Netflix and Disney to add ad-supported plans

Blog

Does Disney+ Hotstar minus IPL equal trouble for the streaming giant?

Blog

Broadband revenues continue to grow in CEE


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.