Alibaba to buy back 20% of Yahoo’s stake for $7.1b
Alibaba Group has agreed to repurchase about a 20% stake in itself from Yahoo for $7.1 billion ahead of an initial public offering. The US internet company bought 40% of Alibaba - founded by Jack Ma (pictured) - in 2005, paying $1 billion plus ownership of Yahoo's China operations.
Yahoo will receive at least $6.3 billion in cash and up to $800 million in newly issued shares in Alibaba, according to a statement by the companies. Alibaba will also be required to either buy back a...
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