Alibaba to Acquire Mapping Company AutoNavi for $1.5 Billion
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Mapping and navigation firm AutoNavi has agreed to a $1.5 billion acquisition by China's largest e-commerce company, Alibaba Group Holding Ltd.
Alibaba will pay $5.25 a share to AutoNavi stockholders, or $21 per American depositary share. That is a 27 percent premium over the company's closing price on Feb. 7, the last day of trading before its talks with Alibaba became public.
Alibaba already has a 28 percent stake in AutoNavi. Acquiring the company positions Alibaba as a more robust competitor with rivals Tencent Holdings Ltd and Baidu Inc.
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