• Alibaba is facing an investigation by U.S. regulators.

Alibaba is facing an investigation by U.S. regulators. (Photo : Reuters)

Alibaba Group Holding Ltd.'s shopping spree continues as it buys a controlling stake in Lazada Group amounting to $1 billion, making it the "biggest deal overseas," according to Reuters.

China's e-commerce giant will splurge $500 million on newly issued equity, while the remaining shares will be purchased from current holders. These include Britain's Tesco Plc., which would sell 8.6 percent stake for $129 million, according to Reuters.

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With the acquisition, Alibaba is aiming to milk new cash cows in other markets as the economy turns sour in its own turf.

"Globalization is a critical strategy for the growth of Alibaba Group today and well into the future," Alibaba president Michael Evans said in a joint statement.

"With the investment in Lazada, Alibaba gains access to a platform with a large and growing consumer base outside China, a proven management team and a solid foundation for future growth in one of the most promising regions for e-commerce globally," Evans added.

Lazada was founded by German company Rocket Internet in 2012. Its market is concentrated in Southeast Asia, comprising of Vietnam, Indonesia, Thailand, the Philippines and Malaysia.

The Singapore-based e-commerce firm's revenue soared 81 percent to $190 million from January through September of 2015, while its active customer base tripled to about 7.3 million.

Lazada CEO Max Bittner said that the deal will help their company to achieve goals "to provide the 560 million consumers in the region access to the broadest and most unique assortment of products."

Alibaba has been on an acquisition spree for the past two years, yielding a diverse portfolio that includes a film studio and a soccer club.

Citing data from Dealogic, The Wall Street Journal reported that "Alibaba has made 47 acquisitions since 2014 in deals valued at $23.9 billion. That roughly matches the $25 billion it raised more than a year ago in its blockbuster initial public offering of stock, the world's largest."