Chinese e-commerce giant Alibaba Grop Holdings Ltd on Wednesday said it was buying the remaining third of UCWeb, a Chinese maker of mobile internet software.
The size of the deal was not revealed, but was estimated to be the largest corporate deal in Chinese internet history, state-run Xinhua news agency reported.
Alibaba’s investment comes as it is trying to raise its global profile following last month’s announcement that it plans an initial public offering in New York.
Its proposed offer price is $1 billion in the filing to the US Security and Exchange Commission, but that sum is considered to be a place holder and Alibaba is expected to raise at least 10 times as much.