ISSUE – Apr. 02 | Alibaba Bets Big On Local Delivery in a $9.5 Billion Deal

Alibaba Group Holding (BABA, +2.51%) is buying full control of the startup Ele.me as it steps up efforts to expand in China’s fast-growing market for local delivery of food and other services.

The deal implies an enterprise valuation of $9.5 billion for Ele.me, Alibaba said in a statement Monday, without saying how much it’s paying. Alibaba and affiliate Ant Small and Micro Financial Services Group already owned about 43% of the startup. Alibaba paid all cash in the deal and has acquired all the shares formerly held by Baidu (BIDU, +0.07%), according to a person familiar with the matter. [ Fortune ]

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