Yahoo! To Sell Stake In Alibaba For $7 Billion
Yahoo! is getting ready to sell their stake in Chinese e-commerce company Alibaba.com according to AllThingsD. The deal could be announced as of this Monday. Yahoo! will sell 40% of their stake in Alibaba for $7 billion. After paying taxes, Yahoo! will spend almost all of that money on stock buybacks. Alibaba agreed to move towards an IPO after the transaction is completed. As part of the IPO, Yahoo! will sell a quarter of their remaining stake in the company while still owning 10%. The negotiations have been led by Yahoo! CFO Tim Morse. The new board has to agree to the terms of the deal.