Yahoo has officially filed with the SEC to spin off its remaining shares of Alibaba Group into a publicly traded company called Aabaco Holdings.
Yahoo says Aabaco Holdings will make its debut in the fourth quarter of 2015.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1769561,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"C"}']The new holdings group will house 384 million shares of Alibaba Group stock or 15 percent of company. Abaco Holdings also has total stock ownership of Yahoo Small Business. In a statement, the company revealed that it will distribute remaining shares of Aabaco Holdings proportionally among shareholders.
The spin off was first announced in January of this year.
AI Weekly
The must-read newsletter for AI and Big Data industry written by Khari Johnson, Kyle Wiggers, and Seth Colaner.
Included with VentureBeat Insider and VentureBeat VIP memberships.
Though Yahoo hasn’t announced the details of who will preside over the new company, investors seem pleased. In after-hours trading, Yahoo’s stock is up a little over a percentage point.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More