Yahoo to sell half of its Alibaba stake for $7.1 billion

(HONG KONG) — Struggling Internet company Yahoo Inc. has agreed to sell half of its 40 percent stake in Chinese e-commerce group Alibaba for about $7.1 billion. The deal, announced Sunday in the U.S., will see Alibaba Group buying back the stake from Yahoo Inc.

CHINA STAKE SALE: Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion.

HONG KONG (Reuters) - Sovereign wealth fund China Investment Corp (CIC) is in advanced talks to buy an up to $2 billion stake in Alibaba Group , sources told Reuters, as the Chinese e-commerce powerhouse looks to secure the last of the funding it needs to buy back part of its stake from Yahoo Inc . Yahoo and Alibaba struck a deal last week whereby the Chinese company agreed to buy back up to half of the 40 percent stake in itself held by Yahoo for $7.1 billion, valuing Alibaba at $35 billion. Alibaba is raising $4. ...

US internet company Yahoo says it has reached a deal to sell part of its stake in Chinese e-commerce company Alibaba Group.