Yahoo to sell half of its Alibaba stake for $7.1B
HONG KONG (AP) - Yahoo has agreed to sell half of its 40 percent stake in Chinese e-commerce company Alibaba for about $7.1 billion.
The deal will see Alibaba Group buying back the stake from Yahoo Inc. for $6.3 billion cash and up to $800 million of Alibaba preference shares.
The two companies have an agreement for Yahoo to sell the remainder of its Alibaba stake in stages later on.
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