Alibaba Group announced that it has completed the acquisition of AutoNavi Holdings Ltd after a proposal to take full control of the United States-listed digital mapping company in February.
According to Alibaba Group’s press release, the Hangzhou-based e-commerce group will leverage its resources in cloud computing, big data, e-commerce, UC Browser and Shenma Search to fully support AutoNavi’s further development in mapping, navigation and location-based services.
Alibaba acquired initially 28 percent of AutoNavi’s shares for $294 million. Its all-cash offer in February proposes to purchase the remaining 72 percent at $21 per American depository share (ADS), which values AutoNavi at approximately $1.58 billion.
Alibaba’s chief executive officer Lu Zhaoxi will also work as the CEO of AutoNavi. Zhang Qin, the chief operation officer of AutoNavi will remain in her current position. Yu Yongfu, the chief executive officer of UCWeb, which owns UC Browser and Shenma Search, will serve as the head of AutoNavi’s Internet department, reporting directly to Lu.
Source: USA.Chinadaily.com
