Chinese ecommerce group Alibaba is taking full ownership of mobile browser company UCWeb, in yet another acquisition that will bulk up its presence on the mobile internet ahead of its US IPO later this year.
Terms weren't disclosed in a Chinese statement. An English statement is expected later on Wednesday.
Alibaba already owned a two-thirds stake in the company and in April the two companies launched a mobile search engine to compete with internet rivals Baidu and Tencent.
The FT reported in late April that Alibaba and UCWeb are gambling that China's top ranked search engine Baidu, which has more than 60 per cent of the country's internet search market, may be vulnerable when it comes to the mobile internet, where smaller screens may not favour the traditional search engine that generates pages and pages of loosely targeted results.
Yu Yongfu, CEO of UCWeb, is to become head of the unit and also join a decision-making committee at Alibaba.