Alibaba offers to buy rest of AutoNavi

News Broadband China 10 FEB 2014
Alibaba offers to buy rest of AutoNavi
Chinese internet group Alibaba has offered to buy the rest of AutoNavi, a digital maps and location-based services developer. Alibaba offered to buy all the shares it does not yet own for USD 21 per American depositary share, each representing four ordinary shares. Alibaba already owns 28 percent of the company. AutoNavi said Alibaba is able to pay for the deal with cash on hand, removing any need for external financing. AutoNavi will set up a committee of independent directors to consider the proposal to take the company private. 

Categories:

Internet

Companies:

Alibaba,  AutoNavi

Countries:

China

Tags:

Location Based Services, M&A buyouts & divestments

Related Articles

CHINA 14 APR 2014

Alibaba to buy AutoNavi

Digital maps and navigation provider AutoNavi Holdings has entered into a definitive merger agreement to be acquired by an affiliate of e-commerce group Alibaba Group. Under the agreement, AutoNavi shareholders of the company will receive USD 5.25 in cash per ordinary share or USD 21.00 in cash per American Depositary Share. The transaction, which currently is expected to close in the third quarter, values AutoNavi's at approximately USD 1.5 billion. The transaction is subject to customary closing condition

GLOBAL 20 MAR 2014

Alibaba invests in messaging app Tango

Alibaba has invested USD 215 million into chat app Tango, valuing it at USD 1 billion. Tango has around 200 million registered users, in the US, Europe, Middle East and Asia. The ideo-focused app is expected to help Alibaba strengthen its mobile presence outside its home market China. Tango's co-founder Eric Setton told the Financial Times that the two companies have no concrete plans for strategic co-operation, but said he expects they can partner on a number of initiatives. Tango was started in 2010 by Fr

CHINA 9 MAR 2014

AliCloud launches CDN services

The cloud computing subsidiary of Chinese e-commerce company Alibaba Group has commercially launched a content delivery network (CDN). Alibaba Cloud Computing (AliCloud) is offering the CDN service to enterprise customers in China and overseas, the Marbridge Daily writes citing a Shenzhen Economic Daily report. The company originally developed the service to support large traffic loads on its B2C e-commerce site TMall and consumer e-commerce site Taobao. 

CHINA 28 FEB 2014

Alibaba invests in digital services in Hainan

Alibaba Cloud Computing, the cloud computing subsidiary of Chinese internet company Alibaba, and the Hainan International Tourism Island Pilot Zone, a district on the Chinese island of Hainan, have a signed an agreement that will see CNY 5 billion invested into the area to make it into a cloud computing and big data hub. Under the agreement, Alibaba Cloud Computing will provide Hainan's local government, residents and tourists cloud computing and big data services, and the company will also build e-governme

GLOBAL 18 FEB 2014

Alibaba invests in TutorGroup

Chinese internet company Alibaba Group has invested in an online education company. TutorGroup secured nearly USD 100 million in a series B funding round, with participation from Alibaba Group, Singapore investment company Temasek, and Qiming Venture Partners. TutorGroup plans to use the funding to accelerate further growth of its service and to expand its presence in the Americas.

CHINA 14 FEB 2014

Alibaba to launch MVNO services before June

Chinese e-commerce company Alibaba Group plans to launch MVNO services before 1 June this year. The company is currently developing a number of MVNO products, the Marbridge Daily writes citing a Tencent Tech report. Alibaba's subsidiary HiChina secured an MVNO licence in December last year.

UNITED STATES 13 FEB 2014

Alibaba set to launch US e-commerce site

Chinese internet company Alibaba Group will launch an e-commerce site in the US through subsidiaries Vendio and Auctiva. The 11 Main (11main.com) service offers products from "handpicked" shops, including fashion, technology, and jewelry items, the Shanghai Daily reports.  

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.