By  on July 31, 2014

NEW YORK (Reuters)—Alibaba Group Holding Ltd has invested $120 million in San Francisco-based mobile games studio Kabam, the latest in a string of U.S. investments intended to build up the Chinese online retailer's presence in the world's biggest Internet arena.

The investment raises the valuation of Kabam from $700 million to more than $1 billion. As part of the partnership, Kabam will take games from "The Hobbit: Kingdoms of the Middle-earth" to "Fast & Furious 6: The Game" to users of Alibaba's messaging app Laiwang and e-commerce service Taobao, the companies said. First up will be Kabam's "The Lord of the Rings" game.

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