By Chelsea Naso ( September 16, 2014, 5:03 PM EDT) -- The upcoming initial public offering of Alibaba Group Holding Ltd., expected this week, could rake in some serious cash for a group of investors that quietly snapped up preferred shares in the Chinese e-commerce giant for about $1.7 billion in 2012, which it used alongside bank loans and equity to buy back about half of Yahoo Inc.'s 40 percent stake in the company. The previously undisclosed investors, identified Monday by The Wall Street Journal, are said to include Hong Kong hedge funds Janchor Partners Ltd. and Myriad Asset Management Ltd., an investment firm affiliated with U.S. mutual fund giant Fidelity Investments, Connecticut-based hedge fund Viking Global Investors, and Singapore government-controlled funds GIC Pte. Ltd. and Temasek Holdings Pte. Ltd. The preferred shares, set to convert to common shares at $18.50 each when the IPO occurs, will give the owners a roughly 3.9 percent stake in Alibaba, worth as much as $6.2 billion, the report said....
Law360 is on it, so you are, too.
A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
