Pursuits
Alibaba, Ma to Pay $1.22 Billion for Stake in Youku Tudou
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Alibaba Group Holding Ltd. and founder Jack Ma’s Yunfeng Capital agreed to buy a $1.22 billion stake in video website Youku Tudou Inc. as China’s biggest e-commerce operator prepares for a U.S. initial public offering. Youku shares fell.
Alibaba will hold about 16.5 percent of Youku while Yunfeng will have about 2 percent, Youku Tudou said in a statement yesterday. The deal will close in the near future, with Alibaba Chief Executive Officer Jonathan Lu to join the board, it said.