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07

Besties? Alibaba, Tencent Are Teaming Up in $15 Billion Deal

By Tony Seruga

Jack Ma, Chairman of Alibaba Group, and 'Pony' Ma Huateng, Chairman and CEO of Tencent Holdings in 2013.

Jack Ma, Chairman of Alibaba Group, and ‘Pony’ Ma Huateng, Chairman and CEO of Tencent Holdings in 2013.

Photographer: ChinaFotoPress via Getty Images

Longtime rivals Jack, Pony Ma join forces for second time
Deal poses threat to China’s Baidu as O2O market expands

Jack Ma and Pony Ma, whose business rivalry dates back more than a decade, are starting to look like the best buddies of China’s Internet.

Jack, founder of Alibaba Group Holding Ltd., and Pony, founder of Tencent Holdings Ltd., are said to be joining forces for the second time this year by combining two startups they’ve financed in a $15 billion deal. Meituan.com, the one partly owned by Alibaba, and Dianping.com, backed by Tencent, have been competing to offer local services online. They may announce a merger as soon as Thursday, people familiar with the matter said…

Besties? Alibaba, Tencent Are Teaming Up in $15 Billion Deal

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