- The post-Ma era... Alibaba (NYSE:BABA) has scored approval for the proposed restructuring of its relationship with payments affiliate Ant Financial, more than 18 months after the deal's debut.
- Alibaba will exchange its profit sharing arrangement - which entitled it to 37.5% of Ant's pre-tax profits - for a 33% stake in the group, which was valued at $150B following a funding round in June 2018.
- "We expect (the transaction) to see greater synergy coming from the whole Alibaba economy," said CFO Maggie Wu.
- Ant Financial is also acquiring assets overseas via deals in India and Thailand, en route to a potential IPO.
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