Yahoo to close Alibaba share buy-back next week
Yahoo is moving closer to putting old business behind it as it is reportedly near to closing a multibillion dollar deal to sell back half its stake in China’s Alibaba Group.
In a deal expected to be announced September 19, the Chinese Internet giant will pay $7.6 billion to buy back half of the 40 percent stake the Web pioneer holds in Alibaba, according to an All Things D report. The deal will reportedly include a $550 million annual licensing fee that Alibaba paid to Yahoo.
Yahoo declined to comment on the report.
The two Web companies agreed in May to the taxable deal, which includes a…