- Two months after Alibaba (ABABA) offered to buy the 72% of AutoNavi (AMAP +2.5%) it didn't own for $21/share, AutoNavi has agreed to a deal.
- The acquisition price values AutoNavi at $1.5B. Alibaba has reached a voting agreement with AutoNavi investors owning 26.2% of its shares.
- The deal gives Alibaba full control of one of China's top online/mobile mapping providers ahead of its IPO, and further intensifies its rivalry with Baidu and Tencent, each of whom have their own popular mapping platforms.
- AutoNavi had 92M monthly active users for its mobile mapping apps at the end of Q4, +88% Y/Y.
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