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Alibaba to invest $294 million in AutoNavi

AutoNavi
AutoNavi

China: Alibaba Group has announced to take a 28 per cent stake in digital mapping company AutoNavi Holdings as part of Alibaba’s move to boost its competitiveness by expanding its product lineup.

Unlisted Alibaba will invest $294 million to become the largest shareholder in the Chinese-based firm, according to a statement from AutoNavi. Shares in AutoNavi have risen more than 30 per cent since the start of May and stand at $14.77 per share.

Source: http://economictimes.indiatimes.com/tech/internet/alibaba-to-invest-294-million-in-mapping-firm-autonavi/articleshow/19999226.cms

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