Alibaba Makes $692M Investment in Intime Retail Group (YHOO)
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Alibaba is taking a $692 million stake in Intime Retail Group in a move to further integrate its e-commerce business with more physical retail locations.
Bloomberg reported Monday that Alibaba will purchase 220.5 million Intime shares at HK$7.5335 each, for a total of about $219 million. The company will also put HK$3.7 billion into an Intime convertible bond.
In total, Alibaba's stake will be about 9.9 percent of Intime.
Alibaba's Tmall.com will gain access to Intime's inventory, according to the deal.
Yahoo! (Nasdaq: YHOO) has a 24 percent stake in Alibaba.
Bloomberg reported Monday that Alibaba will purchase 220.5 million Intime shares at HK$7.5335 each, for a total of about $219 million. The company will also put HK$3.7 billion into an Intime convertible bond.
In total, Alibaba's stake will be about 9.9 percent of Intime.
Alibaba's Tmall.com will gain access to Intime's inventory, according to the deal.
Yahoo! (Nasdaq: YHOO) has a 24 percent stake in Alibaba.
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