Deals
Alibaba Buys Stake in Wanda Film in $1.2 Billion Share Sale
- E-commerce giant to become cinema operator’s No. 2 shareholder
- Wanda Group turns to another China tech major for investment
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Alibaba Group Holding Ltd. has agreed to buy a stake in Dalian Wanda Group Co.’s cinema operator as billionaire Wang Jianlin’s real estate-to-entertainment conglomerate turns to another Chinese tech giant and a government-backed company for investments totaling about 7.8 billion yuan ($1.2 billion).
Alibaba is to pay 4.68 billion yuan for a 7.66 percent stake in Wanda Film Holding Co., making the e-commerce giant the second-biggest shareholder, Wanda Film said Monday in a regulatory filing. Beijing Cultural Investment Holdings, controlled by the Beijing government, will pay 3.12 billion yuan for a 5.11 percent stake.