Alibaba Group Holding Ltd announced on Wednesday that it will acquire remaining shares of mobile Internet software provider UCWeb, buying out the latter and referring to the deal as one of the biggest Internet mergers in China's history.

The announcement comes at the heels of the e-commerce site's recent spate of a number of investment deals with an estimated worth of at least $6.7 billion over the last 6 months, according to Reuters.

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Alibaba has not revealed how much the investment will cost but said that it will larger than Baidu's $1.9 million deal last year with 91 Wireless and will be done using a mix of Alibaba stock and cash.

The integration of the two will result in the formation of the UCWeb Mobile Business Group which will be headed by current UCWeb Chief Executive Yu Yongfu. UCWeb said in a statement that the Business Group will be responsible for mobile internet applications and services including internet browsers, location-based search and search services, and mobile application distribution and gaming platforms.

Yu will also be become part of Alibaba's "strategic decision making committee," Alibaba said.

The buyout will be another strategic move for the e-commerce giant to enter the mobile internet market especially as it plans to penetrate the U.S. market with its initial public offering targeted for this year, as well as to beat leading mobile Internet firm, Tencent Holdings Ltd which is responsible for the popular mobile messaging app, WeChat, Wall Street Journal has learned.

Meanwhile, Alibaba CEO Jonathan Liu announced that he is committed to widening the firm's portfolio in China's Internet market. A few weeks ago, the e-commerce giant had purchased stocks in Tudou and Youku, some of China's leading video sites, and acquired AutoNavi, the country's leading location-based mapping provider.

Alibaba currently holds about 66 percent of shares in UCWeb.

TagsUCWeb, Mobile Internet, Tudou, Youku, AutoNavi, Jonathan Liu, Yu Yongfu, Tech News, technology, Acquisition