Shanghai:Yahoo! is all set to sell half of its share in Alibaba back to Alibaba Group in a bid to get a lifeline for its declining businesses at a cost of $7.1 billion.
According to the deal Alibaba Group will buy half of its 40 percent stake back from Yahoo Inc. for $6.3 billion cash and up to $800 million of Alibaba preference shares.
Alibaba Group is a privately-owned Hangzhou-based family of Internet-based businesses that cover business-to-business online marketplaces, retail and payment platforms, shopping search engine and data-centric cloud computing services.
According to AGI.it, Jack Ma, a leading Chinese businessman, is also ready to buy back half of the 40 percent stake held by Yahoo! in Alibaba for $ 7.1 billion.
In actual fact, it will be the same Alibaba that will buy back 20% of its own shares from Yahoo!
On the basis of the sales agreement, Yahoo! will receive 6.3 billion Dollars in cash and 800 million in Alibaba privileged shares, according to the reports.
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