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Yahoo has closed the multi-billion-dollar sale of half its assets in China’s Alibaba Group.
Alibaba said Tuesday that it has completed the initial repurchase of shares from Yahoo! and restructured its relationship with the Silicon Valley company in a deal valued at $7.6 billion.
Yahoo And Alibaba Close $7.6 Billion Assets Deal [allthingsd.com]
After taxes the deal will net Yahoo around $4.5 billion – a nice return on the $1 billion Jerry Yang put into Alibaba seven years ago.
In a memo to employees, Yahoo CEO Marissa Mayer says she will return $3.65 billion of that money to shareholders.
Yahoo will be keeping $650 million.
"This outcome is terrific for Yahoo," writes Mayer.
"It generates liquidity to create substantial value for our shareholders, while retaining a meaningful amount in the company to invest in our future."
Read more: [businessinsider.com...]
Shareholders to get $3.65 Billion [businessinsider.com]