Alibaba close to deal to buy ZTEsoft - report

News General Global 28 JUN 2017
Alibaba close to deal to buy ZTEsoft - report
Alibaba Group is close to a deal to acquire ZTE’s software subsidiary, people familiar with the deal told Bloomberg. Talks to buy ZTEsoft have been underway for several months and could lead to Alibaba paying CNY 2-3 billion for the company, the report said. 

ZTEsoft provides software support and services to telecom carriers around the world and is expected to help grow Alibaba's cloud computing business. ZTE will benefit from the cash injection, after paying out over USD 1 billion in fines for sanctions violations in the US. Alibaba and ZTE declined to comment. 

Categories:

General

Companies:

ZTE,  Alibaba,  ZTEsoft

Regions:

Global

Tags:

Wholesale, M&A buyouts & divestments

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