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Article: Yahoo! and Alibaba.com Form Strategic Partnership in China; Combination Creates One of the Largest and Most Comprehensive Internet Companies in China.
- Article from:
- Business Wire
- Article date:
- August 11, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SUNNYVALE, Calif. & BEIJING -- Yahoo! Inc. (Nasdaq:YHOO), a leading global Internet company, and Alibaba.com, China's largest e-commerce company, today 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 ...