Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Rationale That Repeats.

Three patterns show up across Alibaba Group Holding's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.

01
Acquisition criteria
Take-privates of listed affiliates.
Alibaba repeatedly converted minority stakes in publicly traded companies into wholly owned or controlling subsidiaries. AutoNavi (Nasdaq, 2014), Youku Tudou (NYSE, 2016), Intime (HKSE, 2017) and Sun Art (HKSE, 2020) were all step acquisitions in which a previously held equity interest was remeasured to fair value on the way to control, then delisted or consolidated.
Shenzhen OneTouch Business Services Ltd. (OneTouch)UCWeb Inc.Alibaba Pictures Group Limited (formerly ChinaVision Media Group)AutoNavi Holdings Limited (Amap)Youku Tudou Inc.
02
Capital deployment
Building the local-services and logistics stack.
Alibaba assembled an on-the-ground fulfillment and services layer around core commerce: Cainiao (logistics, consolidated 2017), Ele.me (food delivery, 2018) and Koubei (in-store local services, combined with Ele.me in 2018) were brought under control to serve high-frequency, last-mile demand within cities.
Shenzhen OneTouch Business Services Ltd. (OneTouch)UCWeb Inc.Alibaba Pictures Group Limited (formerly ChinaVision Media Group)AutoNavi Holdings Limited (Amap)Youku Tudou Inc.
03
Integration approach
International commerce expansion.
From 2016 onward Alibaba bought geographic entry points into new markets — Lazada in Southeast Asia (2016), Trendyol in Turkey (2018), Daraz in South Asia (2018) and Kaola for cross-border import into China (2019) — extending the marketplace model well beyond the domestic core.
Shenzhen OneTouch Business Services Ltd. (OneTouch)UCWeb Inc.Alibaba Pictures Group Limited (formerly ChinaVision Media Group)AutoNavi Holdings Limited (Amap)Youku Tudou Inc.

The Full Deal Book

15 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

01 Shenzhen OneTouch Business Services Ltd. (OneTouch) · China (Shenzhen) $1.88B
Closed May 2014 Cash plus contingent consideration
Export servicescustoms clearancecross-border logisticstrade financing

OneTouch provides comprehensive export-related services for small businesses in China, including customs clearance, logistics, financing and foreign-currency services. Alibaba had first invested for a 65% interest in 2011; in May 2014 it acquired the remaining interests, taking OneTouch to a wholly owned subsidiary.

Total purchase price consisted of cash consideration of RMB790 million and contingent consideration with a fair value of RMB1,094 million; prior to the transaction the Company held 65% of OneTouch.Alibaba Group FY2015 Form 20-F — business combinations note
02 UCWeb Inc. · China $1.07B
Closed Jun 2014 US$458 million cash plus restricted shares and RSUs valued at approximately US$613 million
Mobile browsermobile searchmobile distribution

UCWeb is a developer of mobile web browsers in China. Alibaba already held about 66% before exchanging all remaining outstanding shares in June 2014 to take full ownership, in what was then one of the largest consolidations in the Chinese internet sector.

The total exchange consideration consisted of 12.3 million restricted shares and RSUs of the Company and approximately US$458 million (RMB2,826 million) in cash; the fair value of the restricted shares and RSUs approximated US$613 million as of the acquisition date.Alibaba Group FY2015 Form 20-F — business combinations note
03 Alibaba Pictures Group Limited (formerly ChinaVision Media Group) · China / Hong Kong $800M
Closed Jun 2014 Cash of HK$6,244 million
Film productionTV productioncontent distribution

ChinaVision Media Group, a Hong Kong-listed producer of movies and television programs, was acquired for an approximately 60% stake in June 2014 and rebranded Alibaba Pictures. The purchase price was HK$6,244 million (RMB4,955 million), or HK$0.50 per share.

The total purchase price consisted of cash consideration of HK$6,244 million (RMB4,955 million) which represented a price of HK$0.50 per share, for an approximately 60% equity interest.Alibaba Group FY2015 Form 20-F — business combinations note
04 AutoNavi Holdings Limited (Amap) · China $1.03B
Closed Jul 2014 All cash, US$1,032 million
Digital mapsnavigationlocation-based servicesO2O infrastructure

AutoNavi (Amap) is a Nasdaq-listed provider of digital map content and navigation and location-based services in China. Alibaba had held about 28% since 2013; in July 2014 it acquired all remaining shares in a take-private, making AutoNavi a wholly owned subsidiary and delisting it from Nasdaq.

Why it was attractive
  • Owning the mapping layer underpins O2O commerce
  • logistics and mobile services
The rationale for this transaction is to enable the Company to expand its products and services... to develop and provide online-to-offline/offline-to-online commerce and location-based services to its mobile commerce user base.Alibaba Group FY2015 Form 20-F — business combinations note
05 Youku Tudou Inc. · China $4.44B
Closed Apr 2016 All cash, US$4,443 million
Online video streaminguser-generated contentdigital advertising

Youku Tudou, one of China's largest online video platforms, was previously listed on the NYSE. In April 2016 Alibaba acquired all shares it and Yunfeng did not already own at US$27.60 per ADS, lifting its stake to about 98% and consolidating Youku as a subsidiary before delisting it.

In April 2016, the Company completed an acquisition of all of the issued and outstanding shares of Youku that the Company or Yunfeng did not previously own, at a purchase price of US$27.60 per American Depositary Share... The cash consideration of US$4,443 million (RMB28,724 million) was paid upon the closing.Alibaba Group FY2018 Form 20-F — business combinations note
06 Lazada Group S.A. · Southeast Asia (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam) $1.02B
Closed Apr 2016 All cash, US$1,020 million
E-commerce marketplacecross-border retailregional logistics

Lazada operates a leading e-commerce platform across Southeast Asia with local sites and apps in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Alibaba acquired an approximately 54% interest in April 2016 for US$1,020 million, consolidating Lazada and marking its entry into Southeast Asian commerce.

Why it was attractive
  • Ready-made regional marketplace and logistics presence across six countries
07 Intime Retail (Group) Company Limited · China $12.6B
Closed May 2017 Cash of HK$12,605 million
Department storesoffline retailNew Retail digitization

Intime is a leading department-store operator in China, formerly listed in Hong Kong. Alibaba had built a stake from 2014; in May 2017 it and Intime's founder completed a privatization at HK$10.00 per share, taking Alibaba's holding to about 74% and consolidating Intime as it pursued its New Retail strategy.

The Company paid a cash consideration of HK$12,605 million (RMB11,131 million) in the privatization... the Company increased its shareholding in Intime to approximately 74% and Intime became a consolidated subsidiary.Alibaba Group FY2018 Form 20-F — business combinations note
08 Cainiao Smart Logistics Network Limited · China / global $803M
Closed Oct 2017 All cash, US$803 million
Logistics data platformsupply-chain managementcross-border fulfillment

Cainiao operates a logistics data platform that coordinates third-party partners to offer domestic and international one-stop logistics and supply-chain services. Alibaba held about 47% before subscribing to newly issued shares for US$803 million in October 2017, lifting its stake to about 51% and consolidating Cainiao as a subsidiary.

In October 2017, the Company completed the subscription for newly issued ordinary shares of Cainiao Network for a cash consideration of US$803 million (RMB5,322 million)... the Company's equity interest in Cainiao Network increased to approximately 51% and Cainiao Network became a consolidated subsidiary.Alibaba Group FY2019 Form 20-F — business combinations note
09 Kaiyuan Commerce Co., Ltd. · China (northwest) $3.36B
Closed Apr 2018 All cash, RMB3,362 million
Department storesregional retail

Kaiyuan is a leading department-store operator in northwestern China. Alibaba acquired a 100% equity interest in April 2018 for RMB3,362 million as part of its New Retail expansion into offline department stores.

10 Rajax Holding (Ele.me) · China $5.48B
Closed May 2018 All cash, US$5,482 million
Food deliveryon-demand logisticslast-mile fulfillmentlocal services

Ele.me is a leading on-demand food-ordering and delivery platform in China. In May 2018 a joint investment vehicle (Alibaba with Ant Financial) acquired all outstanding shares it did not already own for US$5,482 million, and Ele.me became a consolidated subsidiary, forming the core of Alibaba's local-services business.

Why it was attractive
  • High-frequency consumer touchpoint and city-level last-mile logistics
In May 2018, the joint investment vehicle completed the acquisition of all outstanding shares of Ele.me that it did not already own at a consideration of US$5,482 million (RMB34,923 million). Upon the completion of the acquisition, Ele.me became a consolidated subsidiary of the Company.Alibaba Group FY2019 Form 20-F — business combinations note
11 Daraz Singapore Private Limited (Daraz) · South Asia (Pakistan, Bangladesh and others) $194M
Closed May 2018 All cash, US$194 million
E-commerce marketplaceSouth Asia retaillogistics

Daraz is a leading e-commerce platform in South Asia, operating primarily in Pakistan and Bangladesh. Alibaba acquired a 100% equity interest in May 2018 for US$194 million, extending its international commerce reach into South Asian markets.

In May 2018, we acquired a 100% equity interest in Daraz for a cash consideration of US$194 million. The investment reflects our continued focus on implementing our globalization strategy.Alibaba Group FY2019 Form 20-F — Information on the Company
12 DSM Grup Danismanlik Iletisim ve Satis Ticaret (Trendyol) · Turkey $728M
Closed Jul 2018 All cash, US$728 million
Online fashion retailmarketplaceregional logistics

Trendyol is a leading online fashion retailer in Turkey. Alibaba acquired an approximately 85% equity interest in July 2018 for US$728 million, with arrangements allowing the founders to adjust their holdings in the future. It became Alibaba's platform for the Turkish and broader regional market.

In July 2018, the Company acquired an approximately 85% equity interest in Trendyol for a cash consideration of US$728 million (RMB4,980 million).Alibaba Group FY2019 Form 20-F — business combinations note
13 Koubei Holding Limited · China $465M
Closed Dec 2018 US$465 million
Local servicesin-store diningmerchant services

Koubei is a leading restaurant and local-services guide platform for in-store consumption in China, originally a 2015 joint venture between Alibaba and Ant Financial. In December 2018 Alibaba combined Ele.me and Koubei under a new local-services holding company, paying US$465 million in cash; the accounting recognized total consideration of RMB39,834 million, most of it the fair value of previously held interests. US$465 million cash (RMB39.8 billion total consideration).

In December 2018, the Company completed the integration of Ele.me and Koubei under a newly established holding company and paid a cash consideration of US$465 million (RMB3,196 million).Alibaba Group FY2019 Form 20-F — business combinations note
14 HQG, Inc. (Kaola) · China (cross-border) $1.87B
Closed Sep 2019 Cash plus approximately 14.3 million newly issued ordinary shares valued at US$316 million; aggregate purchase price US$1,874 million
Cross-border import retaildirect sourcingbonded logistics

Kaola is an import (cross-border) e-commerce platform in China, described as the largest such platform by GMV in the year to March 2020. In September 2019 Alibaba acquired a 100% interest from NetEase for an aggregate US$1,874 million, comprising cash and about 14.3 million newly issued Alibaba shares (worth US$316 million).

In September 2019, we acquired a 100% equity interest in Kaola from NetEase, Inc. for an aggregate purchase price of US$1,874 million, comprising cash and approximately 14.3 million of our newly issued ordinary shares... valued at US$316 million.Alibaba Group FY2020 Form 20-F — Information on the Company
15 Sun Art Retail Group Limited · China $3.6B
Closed Oct 2020 All cash, US$3.6 billion
Hypermarketsgrocery retailNew Retail fulfillment

Sun Art is a leading hypermarket operator in China, listed in Hong Kong. Alibaba held about 31% before acquiring additional interest in October 2020 for US$3.6 billion, raising its effective stake to about 67% and consolidating Sun Art. A December 2020 mandatory general offer added further shares for HK$4.9 billion.

Why it was attractive
  • National store network and grocery supply chain for New Retail fulfillment
In October 2020, the Company acquired additional effective equity interest in Sun Art for a cash consideration of US$3.6 billion (RMB24.1 billion). Upon the completion of the transaction, the Company's effective equity interest in Sun Art increased to approximately 67% and Sun Art became a consolidated subsidiary.Alibaba Group FY2021 Form 20-F — business combinations note

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