Alibaba-backed Lazada acquires online grocer RedMart

Alibaba-backed Lazada acquires online grocer RedMart

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, a southeast Asian e-commerce company backed by Group Holding Ltd, has bought Singapore-based online grocer , the two companies said in a statement on Wednesday.

Alibaba-backed Lazada acquires online grocer RedMart
Lazada said it expects the transaction to be completed in the fourth quarter of this year, adding that RedMart will be led by its current management and will continue to operate independently

The statement did not disclose the value of the deal, which is expected to be completed in the current quarter.

Lazada said it expects the transaction to be completed in the fourth quarter of this year, adding that RedMart will be led by its current management and will “continue to operate independently” after the transaction.

Lazada said in a statement on Wednesday that “both parties will benefit from each other’s cutting-edge technological and operational infrastructure, as well as an extended customer network”.