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Temasek could back Yahoo sale of Alibaba stake back to company

21 May 2012

Singaporean state investor Temasek Holdings is believed to be stumping up part of the $2.3bn its portfolio company Alibaba Group has agreed for half of Yahoo’s stake in the business.

The Chinese internet company was bought by Temasek from its employees last September in a tender offer alongside DST Global, Silver Lake and Yunfeng Capital.

Entrepreneur and Alibaba founder Jack Ma will buy back up to half of a 40 per cent stake in the company from Yahoo for $7.1bn.

The deal will value Alibaba at about $35bn and provide Yahoo with much-needed cash to perform a share buy-back and rescue its falling share price.

Yahoo interim chief executive Ross Levinsohn said, “Today’s agreement provides clarity for our shareholders on a substantial component of Yahoo’s value and reaffirms the significant of our relationship with Alibaba.”

Sovereign wealth fund Temasek agreed to a $468m co-investment in Houston-based energy company Cheniere Energy earlier this month alongside private equity firm RRJ Capital.

The investor owns a portfolio of about $151bn as of the end of March 2011 concentrated principally in Singapore, Asia and other growth markets.

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