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Done Deal: Yahoo Proud Part Owner of Alibaba

As expected, Yahoo said today that it had agreed to pay $1 billion in cash and entrust its China operations to e-commerce player Alibaba.com in return for a 40 percent stake in what is expected to become the largest and most diversified internet company in China - and a threat to both Google and ebay there - reports the New York Times. The deal is the largest foreign investment thus far in a Chinese technology company. Alibaba.com was founded in 1999 by Jack Ma, a former English teacher - proving that those who teach can also do. (Paidcontent offersmore details and a rundown of additional press coverage.)

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