Yahoo (YHOO) and Alibaba.com have announced the completion of the combining of their business enterprises in China.
As a result, Yahoo now owns a more than 40% economic interest with 35%voting rights, making it the largest strategic investor in Alibaba.com.
"Together, Yahoo and Alibaba have created one of the largest Internet companies in the fastest-growing Internet market," said Terry Semel, chairman and chief executive officer of Yahoo. "Through this strategic partnership, we will combine the best of commerce, search, communications and online advertising capabilities in new ways for Chinese consumers and businesses, under the management of a strong local team."
"Today marks the official start of a great strategic partnership between Alibaba.com and Yahoo Inc.," said Jack Ma, chairman and chief executive officer of Alibaba.com. "By adding Yahoo China to Alibaba.com's portfolio of businesses, we are adding services such as search and communications to our already comprehensive range of e-commerce services. We look forward to growing the Yahoo brand in China to create opportunities for consumers and businesses in China and around the world."