HONG KONG (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd
Alibaba will acquire about 6.62 percent in Focus Media for 9.63 billion yuan ($1.43 billion) and possibly another 5.0 percent stake in the next 12 months, it said in a statement.
The e-commerce firm would also invest $511.1 million in an entity controlled by Focus Media's chairman Jason Jiang, by subscribing to newly issued shares, it said.
Focus media, which was founded in 2003, has its main business in China's interactive digital media and online advertising sectors.
Upon completion of the deal, Alibaba will become Focus Media's strategic investor, the Shenzhen-listed firm said in a separate exchange filing.
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($1 = 6.7161 Chinese yuan renminbi)
(This version of the story corrects currency conversion in second paragraph)
(Reporting by Twinnie Siu in Hong Kong and Lee Chyenyee in Singapore; Editing by Elaine Hardcastle)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
