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Alibaba Agrees to Buy AutoNavi in $1.5 Billion Map Deal

Alibaba Group Holding Ltd. agreed to acquire AutoNavi Holdings Ltd. in a deal that values the Chinese company at $1.5 billion, bolstering its Internet mapping tools ahead of a possible initial public offering.

AutoNavi shareholders will receive $21 in cash for each American depositary receipt, the companies said today in a statement, the same terms that Alibaba originally offered in February. The bid is a 27 percent premium to AutoNavi’s closing price on Feb. 7, before the offer was first disclosed.