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) -- 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

'Droneboarding' takes off in Latvia

January 22, 2017

Skirted on all sides by snow-clad pine forests, Latvia's remote Lake Ninieris would be the perfect picture of winter tranquility—were it not for the huge drone buzzing like a swarm of angry bees as it zooms above the solid ...

Singapore 2G switchoff highlights digital divide

January 22, 2017

When Singapore pulls the plug on its 2G mobile phone network this year, thousands of people could be stuck without a signal—digital have-nots left behind by the relentless march of technology.

Making AI systems that see the world as humans do

January 19, 2017

A Northwestern University team developed a new computational model that performs at human levels on a standard intelligence test. This work is an important step toward making artificial intelligence systems that see and understand ...

Firms push hydrogen as top green energy source

January 18, 2017

Over a dozen leading European and Asian firms have teamed up to promote the use of hydrogen as a clean fuel and cut the production of harmful gasses that lead to global warming.

0 comments

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.