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Yahoo! Inc.'s (NASDAQ: YHOO) spin-off plan for its Alibaba Group Holding Ltd (NYSE: BABA) stake will result in a total of nearly $50 billion returned to shareholders from the investment, the company said Tuesday.
To date Yahoo has completed about $9.7 billion in buybacks related to the investment.
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Yahoo on Tuesday resolved long-standing questions about the stake, announcing plans for a tax-free spinoff of its $40 billion in Alibaba holdings into a separately traded company that will be owned by Yahoo shareholders.
The company rallied more than 7 percent on the news, plus a fourth-quarter earnings beat, changing hands recently in the extended session at $51.64.
"This level of capital return is historic, especially for a company of our size," Chief Executive Marissa Mayer said in a statement.
The deal is subject to regulatory and board approval and is expected to close in the fourth quarter.
The composition of the spin-off company's board and management, as well as the distribution ratio, will be announced prior to the closing, Yahoo said.
Image credit: Gaku, Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.