Tag Archives: softbank

Alibaba Group, Yahoo!, and SoftBank Reach Agreement on Alipay

By Technology, , , , , , , , , , , , , , , , , ,

*Alibaba Group will Participate in the Ongoing Value of Alipay*

HONG KONG & TOKYO & SUNNYVALE, Calif.-– Alibaba Group, Yahoo!, and SoftBank today announced they have reached an agreement in which Alibaba Group will continue to participate in Alipay’s future financial performance, including a future IPO or other liquidity event. The agreement is consistent with the two agreed-upon principles established at the outset of the negotiations: structure the inter-company relationship between Alipay and Taobao in order to preserve the value within Taobao and, by extension, within Alibaba Group; and provide that Alibaba Group is appropriately compensated for the value of Alipay. (more…)

Read More

Yahoo! Inc. Releases Statement Regarding Alipay

By Technology, , , , , , , , , ,

SUNNYVALE, Calif.–(BUSINESS WIRE)— Yahoo! Inc., issued the following statement in response to recent media reports regarding the timing of the restructuring of Alipay:

On March 31, 2011, Yahoo! and Softbank were notified by Alibaba Group of two transactions that occurred without the knowledge or approval of the Alibaba Group board of directors or shareholders. The first was the transfer of ownership of Alipay in August 2010. The second was the deconsolidation of Alipay effective in the first quarter of 2011. (more…)

Read More