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.