Yahoo’s spin-off of its huge stake in Alibaba is one step closer to reality.
Yahoo plans to put its shares in the Chinese e-commerce giant into an independent public company that will be called Aabaco Holdings, according to a regulatory document Yahoo filed late Friday. The new company will own Yahoo’s nearly 384 million shares of Alibaba stock, or about 15% of the overall number.
Aabaco Holdings will be a sizable company, at least in terms of value. Yahoo’s stake, one of the few bright spots in its portfolio, is currently worth more than $32 billion.
Yahoo CEO Marissa Mayer announced the split in January, after pressure from investors. The split is expected to be completed in the fourth quarter of 2015, Yahoo said in a statement. Once complete, Yahoo as a company won’t own any of the shares, which will instead be distributed among Yahoo stockholders.
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