Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices
Alibaba executive chairman Jack Ma attends the World Climate Change Conference 2015 at Le Bourget, near Paris, France, in 2015. (STEPHANE MAHE/REUTERS)
Alibaba executive chairman Jack Ma attends the World Climate Change Conference 2015 at Le Bourget, near Paris, France, in 2015. (STEPHANE MAHE/REUTERS)

Alibaba buys nearly 33 million shares of Groupon Add to ...

Alibaba Group Holding Ltd. has bought nearly 33 million shares of online daily deal service Groupon.

Groupon Inc.’s stock jumped more than 40 per cent in afternoon trading Tuesday.

The purchase gives the Chinese e-commerce powerhouse about a 5.6-per-cent stake in Groupon. Alibaba disclosed the purchase in a regulatory filing on Friday.

The news comes shortly after Groupon reported a fourth-quarter adjusted profit and revenue that beat analysts’ expectations.

Last month Alibaba Group Holding Ltd. reported better-than-expected third-quarter results as it benefits from a shift to mobile spending and a growth in users.

Shares of Chicago-based Groupon added $1.17 (U.S.), or 40.4 per cent, to $4.06 in afternoon trading Tuesday. U.S. shares of China-based Alibaba rose $5.97, or 9.8 per cent, to $66.86.

Report Typo/Error
 

More Related to this Story

Topics

In the know

The Globe Recommends

loading

Most popular videos »

Highlights

More from The Globe and Mail

Most popular