Alibaba buying AutoNavi for $21/share

|About: AutoNavi Holdings (AMAP)|By:, SA News Editor

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.