Alibaba Takes 33% Stake in Ant Financial
Xu Wei
/SOURCE : yicai
Alibaba Takes 33% Stake in Ant Financial

(Yicai Global) Sept. 24 -- Alibaba Group Holding (NYSE: BABA) and Ant Small and Micro Financial Services Group today announced that Alibaba has received a newly-issued 33 percent equity interest in Ant Financial following the satisfaction of the closing conditions set forth in their 2014 framework transaction agreements and the relevant amendments to these.

Upon closing of the issuance, the profit-sharing arrangement under which Ant Financial previously paid fees amounting to 37.5 percent of its pre-tax profits to Alibaba will end.

Editor: Ben Armour

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Keywords: Alibaba Group Holding , Ant Financial