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Alibaba to buy AutoNavi
2014-04-14 02:10:00| Telecompaper Headlines
(Telecompaper) Digital maps and navigation provider AutoNavi Holdings has entered into a definitive merger agreement to be acquired by an affiliate of e-commerce group Alibaba Group. Under the agreement, AutoNavi shareholders of the company will receive USD 5.25 in cash per ordinary share or USD 21.00 in cash per American Depositary Share. The transaction, which currently is expected to close in the third quarter, values AutoNavi's at approximately USD 1.5 billion. The transaction is subject to customary closing conditions and the approval by shareholders. Alibaba already owns 28.2 percent in AutoNavi.
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alibaba
Category:Telecommunications