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Yahoo Sells $150 Million Shares of Alibaba.com
Yahoo acquired 1.14 percent stake at alibaba.com. Reports prepared by Reuters, says that yahoo will sell the stake at 4.0-6.4 percent discount on alibaba.com.
Yahoo still holds 40 percent stake in alibaba’s parent company, alibaba group co-founded by Chinese entrepreneur and former English teacher, Jack M.
Yahoo paid more than $1 billion in 2005 as part of its investment into Alibaba Group.
Vice president at Alibaba Group John Spelich said, “We are pleased to learn of the Yahoo! decision because having broader ownership of Alibaba.com with increased liquidity and support among institutional investors is what Alibaba.com hoped to achieve when it released the cornerstone investors.”
