Report: China's Alibaba seeking $3B loan for Yahoo deal |
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Report: China's Alibaba seeking $3B loan for Yahoo deal
Alibaba Group Holding is reportedly seeking a $3 billion loan to help finance its attempts to buy all or part of Yahoo.
The amount being sought by the Chinese Internet giant is actually $1 billion less than it originally wanted, according to Bloomberg citing unnamed sources.
Alibaba chief Jack Ma has long wanted to buy back the 40 percent stake Yahoo has in his company.
Yahoo acquired that stake in 2005 but, together with a 35 percent stake in Yahoo Japan, the Sunnyvale company's Asian investments are said to be worth about $17 billion today. Yahoo's current market cap is just over $19 billion.
In announcing former PayPal president Scott Thompson as Yahoo's new CEO Jan. 4, Yahoo Chairman Roy Bostock indicated that Yahoo’s options include possibly selling off assets.
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