Yahoo takes 40% stake in China's Alibaba
Scott Hillis writes for Reuters:
Yahoo Inc. will pay $1 billion for 40 percent of Chinese Web auctioneer Alibaba.com, taking on eBay and search firm Baidu.com as it extends its reach in the world's second-biggest Internet market. The highly anticipated cash deal announced on Thursday also merges Yahoo's search operations -- China's second-largest after Baidu -- and Alibaba's business-to-business and consumer Web auction operations, which trail only eBay's.
Yahoo will also fold its Chinese mail, messaging and other operations into Alibaba.
The newly merged entity is valued at $4 billion, and will be headed by Alibaba chief executive Jack Ma. Yahoo gets 35 percent voting rights, with co-founder Jerry Yang taking a seat on a new four-member board.
posted by Fergie @ 8/11/2005 06:22:00 AM
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