Alibaba.com has completed a share purchase agreement of China Civilink (Cayman), which operates in China as HiChina Web Solutions, an eCommerce company that provides domain name registration.
The company has acquired 85% of HiChina in the first of a two phase deal and an option to acquire another 14.67% equity interest from HiChina’s founders pending HiChina reaching certain performance targets. The deal is made at a total consideration of RMB539.98m in cash for both phases.
The company said that the deal brings in new customer base, value-added applications, automated web site technology and additional leadership strength in HiChina’s management and operating team.
David Wei, CEO of Alibaba.com, said: “As promised at our IPO, our investment focus is on opportunities to grow our customer base and acquire additional technology and new applications to achieve our mission to make it easy for customers to do business everywhere.
“HiChina is a strategic fit with that vision, and we are happy to close a great year of investment by completing this deal, bringing us that much closer to realising the synergy of Alibaba.com and HiChina.”