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Alibaba buys Pakistani online marketplace

Daraz services Myanmar, Bangladesh, Sri Lanka and Nepal

Alibaba is rapidly expanding its business beyond its home base in China.   © Reuters

SHANGHAI -- Alibaba Group Holding has acquired Pakistani peer Daraz Group, a move that will help the top Chinese e-commerce platform expand its reach in Asia.

Alibaba did not disclose the financial terms of the deal in Tuesday's announcement. Daraz will become a wholly owned subsidiary of the Chinese giant.

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