Alibaba-backed Lazada to buy Singapore online grocer RedMart

November 2, 2016 3:19 AM EDT

An employee at online retailer Lazada walks into the company's office in Jakarta, Indonesia April 15, 2016. REUTERS/Darren Whiteside - RTX2A348

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SINGAPORE (Reuters) - Lazada Group, a southeast Asian e-commerce company backed by Alibaba Group Holding Ltd, agreed to buy Singapore-based online grocer RedMart, the two companies said in a statement on Wednesday.

The statement did not disclose the value of the deal, which is expected to be completed in the current quarter.

Led by its current management, RedMart will continue to operate independently after the transaction, they said.

Goldman Sachs (Asia) LLC was the financial adviser to Lazada Group and Credit Suisse (Singapore) Limited advised RedMart.

(Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)

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