Alibaba and Snapchat no longer looking to work together
The messaging service Snapchat who was in talks with the Chinese giant Alibaba for purchasing the popular application for 10 billion, as was reported by Bloomberg are no longer getting along.
Among the shareholders that would have been involved includes Lightspeed Venture Partners, Benchmark, Institutional Venture Partners, General Catalyst Partners and SV Angel. This agreement would have been beneficial both to the application to try to remain independent, as Alibaba, which is completing its IPO in USA.
But now the word is that talks between the two have broken off as was mentioned by Yahoo.
Snapchat Inc’s financing talks with China’s Alibaba Group Holding Ltd are over, Bloomberg reported, citing people familiar with the matter.
The developer of a popular app that allows users to send messages that disappear after a few seconds was reportedly in talks last week with investors, including Alibaba, for financing that could value the company at $10 billion.