Investment holding company Alibaba Health Information Technology Ltd said on Tuesday it would buy entire stake in AJK Technology Holding Ltd from a unit of Alibaba Group Holding for HK$13.51 billion ($1.73 billion).
Alibaba Health would issue 2.56 billion consideration shares at an issue price of HK$4.50 and pay the U.S. dollar equivalent of HK$2 billion in cash to the Alibaba Group unit, Taobao Holding Ltd.
AJK Technology is an offshore holding vehicle incorporated under the laws of the Cayman Islands.
The completion of the deal is subject to approvals from independent shareholders and the stock exchange.
Reuters