Alibaba Group Holding to buy luxury e-commerce business from Netease for $2 billion
Alibaba will buy e-commerce business Kaola from Chinese gaming company NetEase Inc for $2 billion, adding a platform that specializes in supplying luxury goods from abroad to Chinese consumers.
Alibaba, along with private-equity firm Yunfeng said it will separately invest about $700 million in Netease`s music streaming service, NetEase Cloud Music. PHoto: Reuters