Alibaba will pay US$1.43 billion RMB9.63 billion for a 6.62% share of Shanghai-based Focus Media, known for its outdoor advertising screens on streets, in subways and in elevators across 300 Chinese cities, according to a stock exchange filing.
In addition, Alibaba said it plans to acquire another 5% interest in the Shenzhen-listed Focus Media within the next 12 months.
At the same time, Alibaba will also purchase a...
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