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Alibaba buys a 28% stake in AutoNavi (AMAP) for $294M, through a mixture of common and preferred...

Alibaba buys a 28% stake in AutoNavi (AMAP) for $294M, through a mixture of common and preferred stock. Along with the investment, Alibaba plans to integrate AutoNavi's mapping/location content on its dominant Taobao and Tmall e-commerce sites, and to cooperate on future location services work. News of the deal comes 11 days after Alibaba announced it's buying an 18% stake in Sina. AMAP nonetheless -1.1% after rallying 14% over the last two days (did some investors know in advance?). The company's big Q1 revenue miss is likely playing a role. The deal gives Yahoo (YHOO) an indirect 6.7% stake in AutoNavi.
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