Yahoo Completes First Stage of Alibaba Share Repurchase Pact
Yahoo! Inc. (NASDAQ: YHOO) announced today that it has closed the initial sale of shares in Alibaba Group Holding Limited. At closing, Yahoo! received approximately $7.6 billion, $6.3 billion in cash and $800 million in preferred shares of Alibaba in exchange for half of Yahoo!'s 40 percent stake in Alibaba, as well as a payment of $550 million for a technology and intellectual property license agreement. Net cash proceeds after taxes and fees from the first stage of the repurchase agreement total approximately $4.3 billion.
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