SHANGHAI: Chinese e-commerce giant Alibaba will acquire a controlling stake in leading Southeast Asian online shopping platform Lazada for $1.0 billion, it said on Tuesday as Jack Ma’s company seeks to expand outside its home market.

Alibaba’s Taobao platform is estimated to have more than 90 percent of the consumer-to-consumer market in China, while its Tmall platform is believed to command more than half of business-to-consumer transactions.

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