Alibaba repurchases shares from SoftBank at $74 per share

Reuters

Wed, Jun 1, 2016, 7:56 PM

(Reuters) - Chinese ecommerce company Alibaba Group Holding Ltd said on Wednesday it has agreed to buy 27 million of its own shares from SoftBank Group Corp <9984.T> at $74 per share, or $2 billion. SoftBank Group said on Tuesday it would sell at least $7.9 billion of shares in Alibaba to cut the Japanese company's debt. Shares of Alibaba fell about 6.5 percent to close at $76.69. (Reporting by Parikshit Mishra in Bengaluru; Editing by Richard Chang)

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Alibaba repurchases shares from SoftBank at $74 per share

An employee is seen behind a glass wall with the logo of Alibaba at the company's headquarters on the outskirts of Hangzhou, Zhejiang province

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