17 July 2018
Register today

Alibaba and Ant Financial complete restructuring

10 February 2015  |  1795 views  |  0 Source: Alibaba

Alibaba Group Holding Limited (BABA) and Zhejiang Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Financial”) today announced the closing of the restructuring of the relationships between the two companies (the “Restructuring”). Ant Financial (formerly known as Small and Micro Financial Services Company) is the parent company of Alipay.

As disclosed in detail in Alibaba Group’s prospectus for its initial public offering in September 2014 (the “IPO”), in connection with the Restructuring, Alibaba Group and Ant Financial entered into a share and asset purchase agreement (the “SAPA”), and entered into or amended certain ancillary agreements in August 2014, which together govern the relationships between the two companies. Pursuant to the SAPA, among other things, Alibaba Group agreed to sell to Ant Financial certain entities and loan and other assets primarily relating to its small and medium enterprise (“SME”) loan business and other related services. Except for the sale of the SME loan business, the restructuring contemplated by the SAPA and the ancillary agreements took effect upon execution of those agreements.

Upon the satisfaction of the closing conditions, including receipt of regulatory approvals, the sale of the SME loan business by Alibaba Group to Ant Financial pursuant to the SAPA has now been completed. Following the completion of this sale, Alibaba Group will no longer consolidate the financial results of the SME loan business. The completion of this sale also marks the closing of the Restructuring between Alibaba Group and Ant Financial.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10238 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9139 views comments | 5 tweets | 14 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8617 views comments | 3 tweets | 1 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8516 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7618 views comments | 1 tweets | 5 linkedin

Featured job

Find your next job