Yahoo has completed a long-awaited $7.6 billion deal with China’s Alibaba Group, generating a windfall that could help ease the pain of Yahoo shareholders who have endured the company’s foibles during the past few years.
After Yahoo distributes most of the proceeds to its shareholders, its recently hired CEO Marissa Mayer will still have an extra $1.3 billion to finance acquisitions or hire new talent as she tries revive the company’s revenue growth. The announcement comes four months after Yahoo Inc. and Alibaba Group Holding Ltd. outlined their plans.
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