On Friday, Financial Times reported that Alibaba Group purchased a minority stake in ShopRunner, an online shopping firm. The acquisition happened as the Chinese e-commerce corporation prepares for its initial public offering in Hong Kong. The purchase was part of a series of venture capitals by Alibaba, the biggest e-commerce group in the whole world, the FT stated while citing sources with knowledge of the transaction.
Alibaba would pay USD75 million for the shares in ShopRunner. The FT said ShopRunner is currently managed by Scott Thompson, former chief executive of Yahoo. The deal would add to Yahoo and Alibaba's long history of transactions. The newspaper added that Yahoo held nearly a quarter of Alibaba's total stakes. Alibaba and ShopRunner's spokesmen could not be reached for a comment regarding their agreement.
The FT informed Alibaba has not made a final decision regarding the place where it would enlist its stocks. However, bankers expected the IPO to transpire in Hong Kong.
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