Reuters reports that Chinese digital mapping and navigation firm AutoNavi Holdings Ltd (AutoNavi Holdings Ltd (ADR) agreed to be acquired by Alibaba Group Holding Ltd in a deal valuing the company at about $1.5 billion.
AutoNavi said the company’s shareholders will receive $5.25 per ordinary share, or $21 per American Depositary Share. The offer represents a premium of 4.7 percent to AutoNavi’s closing price on the Nasdaq on Thursday. The deal, expected to close in the third quarter, would help Alibaba increase revenue by integrating AutoNavi’s technology and data on location of establishments into maps, allowing customers to access peer review of shops and restaurants and pay for goods before arriving at a shop.
Source: Source: 4-traders.com