Alibaba rolls up rest of Chinese mobile services provider UCWeb

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Alibaba rolls up rest of Chinese mobile services provider UCWeb

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Alibaba rolls up rest of Chinese mobile services provider UCWeb

by TheStreet 1:46 mins

Alibaba Group Holding, China's largest E-commerce company, awaiting its highly touted IPO, moves to roll up the balance of UCWeb, one of China's largest mobile services providers. Terms of the deal were not announced. Alibaba's IPO figures to value the company at roughly $168 billion, the same size as Facebook, in terms of market cap. Alibaba already owns two-thirds of UCWeb, via its ownership of convertible preferred shares. The deal figures to surpass the $1.9 billion that Baidu paid for 91 Wireless, China's largest Internet deal to date. It will also allow Alibaba to challenge Tencent Holdings in the gaming sector.

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