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Yahoo to Invest $1 Billion in China's Alibaba.com

Authored by Mark Hefflinger on August 11, 2005 - 10:16am.
Sunnyvale, Calif. -- Attempting to tap the enormous potential of the burgeoning Chinese market, Yahoo on Thursday said that it will pay $1 billion to acquire a 40% stake in Alibaba.com, the country's largest e-commerce company. Under the terms of the agreement, Yahoo will add its Yahoo China brands to Alibaba.com , and the two companies will work together to grow the Yahoo brand in China. "Yahoo's investment underscores our long-term commitment to the Chinese market," said Terry Semel, the chairman and chief executive officer of Yahoo. "We believe the combination of Yahoo and Alibaba is the best approach for Yahoo to win in this region." The deal comes just days after the wildly successful IPO of Chinese search firm Baidu.com.
http://biz.yahoo.com/bw/050811/105946.html
http://china.alibaba.com
tags: Yahoo | Invest | Alibaba.com |

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