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China's Alibaba repurchases 20% stake held by Yahoo

MENAFN - - 21/05/2012


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(MENAFN) Yahoo Inc. announced that Alibaba Group Holdings Ltd. will buyback half of the US firm's 40- percent stake in the Chinese e-commerce provider, reported Xinhua News.

The firm said that Alibaba will pay at least USD6.3 billion in cash, in addition to USD800 million in newly issued Alibaba preferred stocks.

Moreover, the deal will boost incentives and maximize value for shareholders of both Yahoo and Alibaba.

The two firms said that the repurchase will provide Yahoo with a staged exit over time, a balancing near-term liquidity and return of cash to shareholders.

It is worth noting that at the time of Alibaba's initial public offering (IPO), the Hangzhou-based firm will have either to buy one-quarter of Yahoo's current stake at the IPO price or let Yahoo sell those shares in the IPO.

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