HONG KONG: Alibaba Group Holding Ltd. has bought a third of Ant Financial, the online financial services giant controlled by billionaire Jack Ma, five years after proposing a deal to strengthen ties between the two internet giants.
Alibaba, co-founded by Ma, received a newly issued 33% equity interest in Ant Financial, the company said in a statement on Tuesday. Ant would no longer need to pay 37.5% of its pre-tax profits to the e-commerce giant, it added.
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