Tech
Google invests $550m in Chinese E-Commerce site
Google is investing $550 million in cash in China’s JD.com Inc. as the U.S. search giant pushes deeper into online commerce.
Alphabet Inc.’s Google will buy newly issued Class A shares at $20.29 per share, equivalent to $40.58 per ADS, the companies said in a joint statement Monday.
The pair plan to explore joint development of retail solutions in regions, including Southeast Asia, the U.S. and Europe.
The deal comes just a week after Google struck an alliance with Carrefour SA to sell groceries online in France through the U.S. company’s platforms including Home and Assistant.
Read also: Apple signs streaming deal with Oprah Winfrey
The flurry of activity signals Google’s growing ambitions in e-commerce. The French partnership will allow consumers to order staples through Google services on their smartphones, tablets or other devices.
The latest deal is aimed at combining JD’s expertise in logistics and supply chain with Google’s technology to experiment with changes in how people shop.
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