Alibaba to buy out

Chinese retail and logistics giant Alibaba has announced it is to buy up all the shares it doesn’t yet possess in the fellow national online delivery platform

Up until now, Alibaba and its affiliate companies have owned 43% of the outstanding voting shares of

In a statement, Alibaba said that the transaction “implies the enterprise value of at US$9.5bn”.

Daniel Zhang, CEO of Alibaba Group, said: “We are excited for to become a part of the Alibaba ecosystem. Under the leadership of its founder and management team, has achieved leading market share in China’s online food delivery and local services sector.

“Our shared belief that New Retail will create more value for customers and merchants has brought us together. Looking forward, can leverage Alibaba’s infrastructure in commerce and find new synergies with Alibaba’s diverse businesses to add further momentum to the New Retail initiative.”

Alibaba added: “’s fast local delivery service will build on its core expertise in food delivery to provide consumers with a wider range of products and services on-demand. This expansion of offerings will allow to efficiently utilize its large delivery force that currently fulfills orders in cities across China.

“ also complements Koubei, Alibaba’s affiliated local services platform and provides extended synergies. By combining’s online home delivery services with Koubei’s consumer acquisition and engagement capability for a range of restaurants and service establishments, Alibaba will be able to offer an integrated experience to consumers both online and offline.”