China-based Alibaba and Sohu.com agree 50% increase in stake sale.
China-based internet group Sohu.com has agreed to sell 48% of the company to a consortium including local auction company Alibaba Group. In August, Sohu planned to sell 32% of the company.
In a regulatory filing with the US’s Securities and Exchange Commision this month, Sohu said it would sell $15m of A shares to Alibaba Investment; $9m of stock to China Web Search, an investment vehicle of Yunfeng Fund run by Alibaba’s chairman Jack Ma; and $24m to Photon Group, Sohu’s executive chairman Charles Zhang’s investment fund.
The company also acquired $75m of convertible debt in an undisclosed Chinese company
