Yahoo closes $7.6-billion deal with Alibaba Group

Yahoo has closed a $7.6-billion deal that includes selling half its stake in rapidly growing Chinese company Alibaba Group.

The resolution announced Tuesday comes four months after Yahoo Inc. and Alibaba outlined the details of the complex deal.

Alibaba is paying $7.1 billion to buy back Yahoo's 20 per cent stake in the company and an additional $550-million to cover revised technology and licensing agreement. Yahoo will retain a roughly 20 per cent stake in Alibaba.

After taxes, Yahoo is expected to pocket at least $4.2-billion.

Back in May, Yahoo pledged to distribute most of the Alibaba windfall to its shareholders.

Read Full Article from Globe and Mail

- Posted: 2012-09-18 14:31:24

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