Yahoo acquires Alibaba.com for 1 billion cash

August 11, 2005

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Yahoo finalized an agreement to acquire 40 percent of Alibaba.com for one billion dollars in cash.

Yahoo wants to increase its Chinese presence, and Alibaba.com is China’s largest eCommerce company.

Part of the deal includes Yahoo handing over the running of its China operations to Alibaba, meaning Alibaba.com will run Yahoo China.

The Yahoo-Alibaba deal is now the largest investment by a foreign company to break into China’s 100 million Internet user market (second only to the US).

This creates a $4 billion e-commerce giant out of Alibaba, which will now compete directly with eBay and Google over the Chinese Internet market.

The agreement also gives Yahoo 35 percent voting rights in Alibaba.com, making it the largest strategic investor in its Chinese partner.

In return, Alibaba wins the right to use and grow the Yahoo brand in China.

“Yahoo is investing one billion dollars in cash to purchase Alibaba's shares from the company and other shareholders,” said Yahoo in a press statement.

“Yahoo will contribute its Yahoo China business to Alibaba.com. The two companies will work together in an exclusive partnership to grow the Yahoo brand in China.”

Interestingly enough, Alibaba.com was founded in 1999 by English teacher Jack Ma. I’m sure Jack is slap happy over his new capital.

Source: Search Engine Journal

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