Saturday, June 4, 2016

Temasek and GIC buy Alibaba

Singapore's Temasek Holdings and GIC have each bought $500 million worth of Alibaba shares at a price of $74 each from Japan's Softbank. Softbank has been unloading its Alibaba shares in order to strengthen its balance sheet. While it initially wanted to raise $8.9 billion, this has since increased to $10 billion.

Alibaba is China's greatest e-commerce company listed on NYSE. Alibaba is itself buying back $2 billion of shares from Softbank at the same price of $74 per piece. 

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