AutoNavi agrees to be acquired by Alibaba

Apr 11, 2014 by The Associated Press

Chinese digital mapping and navigation company AutoNavi Holdings Ltd. has agreed to be acquired by e-commerce company Alibaba Group Holding Ltd. in a deal valued at $1.5 billion.

Alibaba will pay $5.25 per share to AutoNavi stockholders, or $21 per American depositary share. That is a 27 percent premium over the 's closing price on Feb. 7, the last day of trading before its talks with Alibaba became public.

Alibaba already owns approximately 28 percent of AutoNavi's outstanding stock.

The deal, which was announced Friday, is expected to close in the third quarter of 2014.

AutoNavi says the maximizes value for its shareholders and will make it a stronger competitor in its niche.

Shares of AutoNavi traded on the Nasdaq rose 2.5 percent to $20.55 amid a market dip.

Explore further: Alibaba buying media company ChinaVision for $804M

1 /5 (4 votes)
add to favorites email to friend print save as pdf

Related Stories

China e-commerce firm Alibaba in privatization bid

Feb 21, 2012

(AP) -- Alibaba.com's parent company wants to take the Chinese e-commerce company private for $2.5 billion, the firms said Tuesday, part of a shift in business strategy that also includes plans to buy back a stake from Yahoo ...

Recommended for you

Airbnb to expand tax collection efforts

Jan 30, 2015

Online lodging operator Airbnb is expanding its efforts to collect local taxes, responding to complaints that it competes unfairly with the hotel sector.

Jay Z to acquire Wimp music service

Jan 30, 2015

US rap star Jay Z will make a $56-million foray into the music streaming business by taking over the Norwegian service Wimp, its shareholders confirmed Friday.

How can Google snap its stock out of its stupor?

Jan 30, 2015

Google has turned into a stock market laggard as the shift to mobile devices has lowered the Internet search leader's digital ad prices and the company's expensive investments in far-out technology has trimmed ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.