Alibaba Paying Yahoo $7.6 Billion Next Week For Buying Its Own 20 Percent Stake Back

Posted on Sep 12 2012 - 5:31am by Editorial Staff

yahoo logo1 300x236 Breaking: Yahoo Selected Marissa Mayer, Google’s Location Head As Next CEO

Seems like Yahoo’s CEO selection showing its first color as the digital company is in full swing to fetch a bigger amount in one week time from Chinese Internet giant Alibaba. Yahoo’s co-founder Jerry Yang seven years back invested $1 billion in Alibaba.

AllThingsD citing sources close to the situation reports that the company will officially close the multi-billion dollar sale of half its assets in China’s Alibaba Group. The publication sources claimed that the announcement will take place next Wednesday, in which Alibaba will pay Yahoo $7.6 billion to buy back 20 percent of Alibaba, although Yahoo still owns another 20 percent in the company.

“This is a lot of money flying around the world to complete this,” said one person close to the situation. The Silicon Valley Company will get $7.1 billion in the transaction, as well as a $550 million payment related to the licensing fees that Alibaba paid Yahoo annually.

 

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.