Alibaba pays $7.6bn in buyback of Yahoo stake
AlibabaGroup has bought back 20 per cent of its stock fromYahooin a deal that values the Chinese ecommerce group atmore than $40bn.
阿里巴巴集团(Alibaba Group)完成了从雅虎(Yahoo)手中回购其20%股份的交易。该交易对这家中国电子商务集团的估值超过400亿美元。
Alibaba, valued at $2.5bn when Yahoo first invested in 2005, is now worth more than twice asmuch as the struggling US internet company.
阿里巴巴在雅虎2005年最初投资时估值25亿美元，目前阿里巴巴的价值是陷入困境的美国互联网公司雅虎的两倍多。
After agreeing a deal in May that Yahoo would sell half of its 40 per cent stake, Alibaba has paid theUS group $7.6bn, paying with debt and equity raised from an international consortium of investorsand its own cash.
阿里巴巴已向雅虎支付了76亿美元，以完成今年5月达成的回购后者所持40%股份的一半的协议。回购资金来源包括以贷款和发股方式从国际投资财团筹得的资金，以及自有资金。
China Investment Corporation, the sovereign wealth fund, led the equity portion of the financing, which comprised about $3.9bn of the total raised.
以中国主权财富基金——中国投资公司(CIC)为首的机构认购了融资的股权部分。阿里巴巴通过股权融资总计筹集了大约39亿美元的资金。
The completion of the repurchase paves the way for an initial public offering by Alibaba, at whichpoint it can buy back Yahoo’s remaining stake.
完成回购交易为阿里巴巴首次公开发行(IPO)铺平了道路，届时阿里巴巴可以回购雅虎持有的剩余股份。
The transaction sees Yahoo receive $6.3bn in cash and $800m in Alibaba preference shares, plusanother $550m to amend the companies’ technology and patent licensing agreement.
雅虎在此次交易中获得了63亿美元现金和8亿美元的阿里巴巴优先股，另外还有修订两家公司技术和专利许可协议的5.5亿美元。
Jack Ma, Alibaba’s chairman and chief executive, said the deal “begins a new chapter” in therelationship between the two groups, which began when Jerry Yang, Yahoo’s co-founder, invested $1bn seven years ago.
阿里巴巴董事长兼首席执行官马云(Jack Ma)表示，该交易“开启了两家公司关系的新篇章”。7年前，雅虎联合创始人杨致远(Jerry Yang)对阿里巴巴投资了10亿美元。
Marissa Mayer, who took over as Yahoo’s chief executive in July, is considering whether to return $5bn of the proceeds to shareholders, as her predecessor had promised, or to use it foracquisitions or restructuring.
今年7月就任雅虎首席执行官的梅里莎?梅尔(Marissa Mayer)正在考虑是像其前任承诺的那样将50亿美元售股所得返还股东，还是用这些资金来进行收购或重组。
Alibaba said that its equity financing was completed at a valuation of about $40bn, above May’ssuggested $35bn valuation. It was led by CIC International, Boyu Capital and Citic Capital, twoChinese private equity firms, and CDB Capital, the equity investment arm of China DevelopmentBank.
阿里巴巴表示，此次股权融资对公司的估值大约为400亿美元，高于5月预计的350亿美元。以中投国际(CIC International)、两家中国私人股本投资公司博裕资本(Boyu Capital)和中信资本(CiticCapital)、以及中国国家开发银行(CDB)旗下的股权投资机构国开金融(CDB Capital)为首的机构参与了此次股权融资。
Silver Lake, DST Global and Temasek, who were among those to invest $2bn a year ago toprovide liquidity to Alibaba’s existing investors and employees, increased their investment as part ofthe deal.
一年前，包括银湖(Silver Lake)、DST全球(DST Global)和淡马锡(Temasek)在内的机构向阿里巴巴集团投资20亿美元，为集团早先的投资者和雇员提供流动性。作为此次交易的一部分，这三家机构增加了它们的投资。
A consortium of eight international banks, including Barclays, Citigroup, Credit Suisse and DeutscheBank, provided $1bn in senior debt financing, while another $1bn was provided by ChinaDevelopment Bank.
由8家国际银行组成的财团，包括巴克莱银行(Barclays)、花旗集团(Citigroup)、瑞信(Credit Suisse)和德意志银行(Deutsche Bank)，为该交易提供了10亿美元的优先贷款，同时中国国家开发银行提供了另外的10亿美元贷款。
Alibaba suggested that the private financing was China’s largest for a pre-IPO company.
阿里巴巴表示，这是中国未上市公司规模最大的一笔私人融资。
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