Alibaba to acquire a majority stake in Ele.me at a $9.5bn valuation.

Alibaba, a Chinese multinational conglomerate holding company specializing in e-commerce, retail, Internet, and technology, agreed to acquire a majority stake in Ele.me, a platform that offers online food delivery service, at a $9.5bn valuation. “Ownership of Ele.me is the fastest and most effective way for Alibaba to regain leadership position in this area to compete with Tencent,” Alibaba said.