The Southeast Asian e-commerce platform has taken over Indian online marketplace ShopClues in an all-stock deal at $70-$100 million. ShopClues has confirmed the acquisition saying that the deal has been approved by Board of Directors and major shareholders of both the companies. ‘This partnership presents new strategic opportunities for both the companies as it opens up cross-border opportunities for consumers and sellers across Asia’, the company said in a statement. But according to few sources, the acquisition has not been completed yet. Qoo10 will also take over Momoe, the mobile payment service, which also owns the ShopClues marketplace. After the closure of the transaction, the brand name ‘ShopClues’ may also not be retained, add sources
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