Alibaba to buy food delivery app Ele.me

(Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) said on Sunday it would buy all shares that it does not already own in food delivery platform Ele.me.

The deal implies an enterprise value of $9.5 billion for Ele.me, Alibaba said in a statement.

Ele.me, which roughly translates as “Hungry?”, is part of a fast-growing - though fiercely competitive - market in China being driven by consumers eager to make purchases on their smartphones, from groceries to cinema tickets.