Ron Burgundy Posted March 12, 2014 Share Posted March 12, 2014 China's largest e-commerce company Alibaba Group Holding has agreed to buy a controlling stake in ChinaVision Media Group Ltd for HK$6.24 billion ($804 million) as competition in the Internet sector heats up. A unit of Alibaba has agreed to buy 12.49 billion new shares, representing 60 percent of the enlarged share capital of ChinaVision at HK$0.50 apiece. ChinaVision, which has a market capitalization of $686 million, said the net proceeds of the deal would be used for general working capital and for investments when opportunities arise. ChinaVision and Alibaba will establish a strategic committee to explore future opportunities in online entertainment and media-related areas. View the full article Quote Link to comment Share on other sites More sharing options...
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