tktk

Published January 08, 2015

YHOO 1688.HK 9984.TO

Alibaba Group and its principal shareholders Yahoo (YHOO) and Softbank (9984.TO) have settled their differences regarding Alibaba transferring ownership of the online-payments company Alipay to a new entity controlled by Alibaba CEO Jack Ma. The deal Friday preserves the relationship between Alipay and Taobao, the eBay of China; gives Alibaba licensing revenue from Alipay; and guarantees proceeds to Alibaba from any Alipay IPO or sale. Interestingly, in the press release, the Softbank CEO said the agreement was made possible by "the strong long-term relationship and trust" between the three companies. That kumbaya spirit, however, seemed to be missing when the issue came to light in May. (george.stahl@dowjones.com)

(MORE TO FOLLOW) Dow Jones Newswires

URL

https://www.foxnews.com/world/tktk