Yahoo to sell half of its Alibaba stake for $7.1 billion

By Associated Press | Updated: 5 June 2012 11:59 IST

Highlights

Alibaba is buying back stake from Yahoo for $6.3 billion cash and up to $800 million of Alibaba preference shares.

Yahoo has agreed to sell half of its 40 percent stake in Chinese e-commerce company Alibaba for about $7.1 billion.

The deal will see Alibaba Group buying back the stake from Yahoo Inc. for $6.3 billion cash and up to $800 million of Alibaba preference shares.

The two companies have an agreement for Yahoo to sell the remainder of its Alibaba stake in stages later on.

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Yahoo to sell half of its Alibaba stake for $7.1 billion

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