Alibaba and Yahoo have reached a deal that paves the way for the US internet group to fully exit its stake in the Chinese ecommerce company, bringing an end to long-running and often bitter negotiations between the two sides.
Alibaba will buy back half of Yahoo’s 40 per cent stake for a minimum of $7.1bn, a figure pegged to Alibaba’s most recent fundraising valuation of $35bn. Yahoo will receive $6.3bn in cash and up to $800m in newly issued Alibaba preferred stock, the companies said in a statement on Sunday night.
To finance the deal Alibaba will raise a mix of debt and equity capital. If the new fundraising gives Alibaba a higher value, Yahoo’s payout will be increased.
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