Yahoo Discloses Alipay Stake Restructuring
Yahoo Inc. disclosed that China’s Alibaba Group has transferred ownership of its online-payments company to a new entity controlled by Alibaba Chief Executive Jack Ma.
Alibaba Group’s management and principal shareholders, Yahoo and Softbank Corp. are “engaged in ongoing discussions regarding the terms of the restructuring” related to the online payment business, dubbed Alipay, according to a filing Tuesday with the U.S. Securities and Exchanges Commission.
The restructuring is necessary to expedite obtaining an “essential” regulatory license, Yahoo said in the filing. Yahoo wasn’t immediately available for further comment.