AutoNavi agrees to be acquired by Alibaba

April 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: China online retailer Alibaba buys into digital map firm

Related Stories

China e-commerce firm Alibaba in privatization bid

February 21, 2012

(AP) --'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

Microsoft aims at Apple with high-end PCs, 3D software

October 26, 2016

Microsoft launched a new consumer offensive Wednesday, unveiling a high-end computer that challenges the Apple iMac along with an updated Windows operating system that showcases three-dimensional content and "mixed reality."

Making it easier to collaborate on code

October 26, 2016

Git is an open-source system with a polarizing reputation among programmers. It's a powerful tool to help developers track changes to code, but many view it as prohibitively difficult to use.


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.