Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek


Filed under: News | Latest Business News


China's Biggest Internet Deal Ever: Alibaba Fully Buys Out UCWeb

Jun 11 2014, 9:27am CDT | by

1 Updates
China's Biggest Internet Deal Ever: Alibaba Fully Buys Out UCWeb

YouTube Videos Comments

Full Story

China's Biggest Internet Deal Ever: Alibaba Fully Buys Out UCWeb

China’s e-commerce juggernaut, Alibaba Group has officially completed the acquisition and merger of UCWeb, China’s number one mobile browser company to form the UC Mobile Business Group.

The deal will be the biggest acquisition in China ever since Baidu acquired 91 Wireless for  $1.9 billion last year.  Baidu actually wanted to buy UCWeb before. But both Alibaba and UCWeb have kept tight lipped about the financials relating to the acquisition.  They have only revealed the consideration for the remaining 34% equity interest in UCWeb that Alibaba does not already own, will be in the form of Alibaba shares and cash.

Against the backdrop of an intense mobile battle with Baidu and Tencent, Alibaba is making this strategic move to bolster its defense and attack. The deal really is a merger and no staff will be culled. In fact, it is simply seen as a natural step since Alibaba made its first investment into UCWeb in 2009.

“We are excited to welcome nearly 3000 new colleagues to the Alibaba family who share the same mission and passion as our team. Alibaba and UCWeb both hold firm to our beliefs and share a vision to improve people’s lives through the power of the Internet,” said Jack Ma, executive chairman of Alibaba Group.

Yu Yongfu, Chairman and Chief Executive of UCWeb, will lead the new Mobile Business Group. The full integration will enable deeper synergies between Alibaba’s strengths in e-commerce, cloud computing and big data with UCWeb’s expertise in mobile.

UC Browser is UCWeb’s flagship product with more than 500 million quarterly active users worldwide. Other key assets include UC9Game, a gaming platform and PP Mobile Assistant, a mobile app distribution channel in China. Previously, Alibaba and UCWeb established a joint venture to create ‘Shenma’, a mobile search service.

The UC mobile business group of Alibaba will oversee the browser, mobile search, location-based services, mobile gaming, app store and mobile reader operations.

In its F-1 filing, Alibaba admitted that its ability to adapt to the rapidly evolving mobile commerce trend is a significant risk factor. Tencent owns China’s most powerful mobile communications app, WeChat. WeChat is especially a big threat after Tencent became the largest shareholder and strategic partner of JingDong, Alibaba’s fiercest e-commerce rival. At the time of going public, JingDong was the third biggest IPO in the world this year.

As Alibaba waits to step up to the plate and hit the biggest tech IPO in history, the UCWeb acquisition and merger adds to Alibaba’s mobile chess set. In March, Alibaba invested into Californian based mobile communication app, Tango. With the tie-up to Alibaba, UCWeb is set to splurge on hiring key talent to push its global expansion plans. UCWeb is already the largest mobile browser in India with more than 30% market share according to StatCounter.


You Might Also Like


Sponsored Update


More From the Web

Shopping Deals


<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.




blog comments powered by Disqus

Latest stories

Getty Images
Courteney Cox at 50: 'Friends' star dazzles in smoking-hot bikini
The adorable actress, known for her role in U.S. sitcom, "Friends," is making waves in a 50-is-the-new-21 way.
George Takei came out because of Arnold Schwarzenegger
George Takei came out because of Arnold Schwarzenegger
Legendary Star Trek actor reveals why he came out. The reason is no other than Terminator actor Arnold Schwarzenegger.
Miss America 2014 Parade to Feature First Ever 3D Printed Shoes
Miss America 2014 Parade to Feature First Ever 3D Printed Shoes
Thanks to Maggie Bridges and Georgia Tech, we will see the first 3D printed shoes on the stage of the shoe parade
Vicki Gunvalson Flirting With David Beador
Vicki Gunvalson Flirting With David Beador
The Real Housewives of Orange County star Vicki Gunvalson admitted flirting with "hot" co-star David Beador

About the Geek Mind

The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.

The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.

Read more about The Geek Mind.