Alibaba Buys Baidu’s Stake In Ele.me For $488 Million
Alibaba (BABA), which is in the process of taking over full ownership of Ele.me, continues to buy out other investors in the online food delivery startup. After paying $185 million in April for Beijing Hualian Department Store’s 2.0% stake in Ele.me, Alibaba recently convinced Baidu (BIDU) to surrender its 5.0% stake in Ele.me in exchange for a $488 million paycheck.