AFP: Concluding a year of negotiations, Yahoo and Alibaba have reached an agreement that will see Yahoo selling off its stake in the Chinese e-commerce firm for $7.1 billion. The extremely complicated, three-phase agreement won't be completed until Alibaba goes public sometime in the future.
As part of the deal, the two companies also made changes to their existing licensing agreement which will allow Yahoo to make other investments in China while Alibaba will continue to operate Yahoo! China for four years. "This transaction opens a new chapter in our relationship with Yahoo!," said Alibaba CEO Jack Ma. "I look forward to working with Ross Levinsohn and the Yahoo! team as Alibaba builds China's leading e-commerce company. Yahoo!'s global audience reach will provide attractive partnership opportunities for Alibaba."
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