Alibaba buys stake in online shopping firm ShopRunner: report

Employees stand on a logo of Alibaba (China) Technology Co. Ltd during a media tour organised by government officials at its headquarters on the outskirts of HangzhouNEW YORK (Reuters) – Chinese e-commerce company Alibaba Group, which is preparing for an initial public offering in Hong Kong, has bought a minority stake in online shopping company ShopRunner, the Financial Times reported on Friday. The acquisition is part of a string of investments by Alibaba, the world's largest e-commerce group, as it prepares for its IPO, the FT said, citing people familiar with the transaction. Alibaba is paying $ 75 million for the stake in ShopRunner, run by former Yahoo Chief Executive Scott Thompson, the FT reported. …

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