SINGAPORE (Reuters) – Lazada Group, a southeast Asian e-commerce company backed by Alibaba Group Holding, agreed to buy Singapore-based online grocer RedMart, the two companies said in a statement on Wednesday.
The statement did not disclose the value of the deal, which is expected to be completed in the current quarter.
Led by its current management, RedMart will continue to operate independently after the transaction, they said.
Lazada Group was founded in 2012 by Rocket Internet in Singapore, and has since established presence in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Alibaba acquired a controlling interest in the company earlier this year.
(Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)