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Alibaba to buy e-commerce rival for $2B

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Alibaba agreed to buy e-commerce rival Kaola for $2 billion.

Owned by gaming giant NetEase, Kaola buys foreign products in bulk and sells them to customers in the Chinese market.

Kaola will remain an independent brand through the deal. However, Alibaba will assign the company a new CEO.

Read more from Quartz.


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