Sunnyvale, Calif.—Yahoo Inc. and Alibaba Group have reached an agreement regarding the disputed transfer of Alipay ownership, according to Reuters and Wall Street Journal
reports. Alipay, an online payment business, was transferred last month from Alibaba, a b-to-b ecommerce business, to a company owned by Jack Ma, Alibaba's CEO—reportedly without Yahoo's knowledge.
Yahoo has an ownership stake of more than 40% in Alibaba. The news reports said that Softbank Corp., a Japan-based company that owns a large stake in Alibaba, would have to sign off on the agreement.
Shares of Yahoo were down 1.33% to $16.22 in premarket trading on Wednesday.