Deals
Alibaba Sells Loan Arm to Alipay Parent in Pre-IPO Change
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Alibaba Group Holding Ltd. is selling its small-business lending arm to the company that already controls payments affiliate Alipay, separating itself from the last of its major financial units ahead of an initial public offering expected next month.
The Chinese e-commerce giant will sell the loan business to Small and Micro Financial Services Co. for $518 million in cash and annual fees for seven years, it said in a U.S. regulatory filing yesterday.