Alibaba, the largest e-commerce marketplace and service provider, announced today to fully acquire AutoNavi, the Chinese map and data service provider.
In last May Alibaba bought 28 percent of AutoNavi for $294 million. This time Alibaba will pay $21 per share in cash — that’s a total of $1.045 billion.
The local lifestyle services of Taobao (an Alibaba company) have been integrated into AutoNavi’s map and navigation apps since the last deal. In the past month, the open platform of AutoNavi was merged into Aliyun, the mobile service division of Alibaba. AutoNavi is also supporting the bill-splitting feature on Alipay Wallet, Alibaba’s mobile payment and service app with precise locationing.
This story originally appeared on TechNode. Copyright 2014