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Yahoo! and Alibaba.com form strategic partnership in China.(TOP NEWS)
Yahoo! Inc., a leading global Internet company, and Alibaba.com, China's largest e-commerce company, announced a definitive agreement to form a long-term strategic partnership in China. Under the terms of the agreement, Yahoo! will contribute its Yahoo! China business to Alibaba.com, and the two companies will work together in an exclusive partnership to grow the Yahoo! brand in China.
Additionally, Yahoo! is investing $1 billion in cash to purchase Alibaba.com shares from the company and other shareholders. The agreement gives Yahoo! an approximately 40 percent economic interest with 35 percent voting rights, making it the largest strategic investor in Alibaba.com.
The combination will create one of the largest ...
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Source: HighBeam Research, Yahoo! and Alibaba.com form strategic partnership in China.(TOP NEWS)