Yahoo to sell half of its Alibaba stake for $7.1B

7 years 3 weeks 4 days ago Sunday, May 20 2012 May 20, 2012 Sunday, May 20, 2012 9:30:59 PM CDT May 20, 2012 in News
Source: Associated Press
By: KOMU Staff

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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