Yahoo files with SEC to spin off its shares of Alibaba into a new public company

Yahoo files with SEC to spin off its shares of Alibaba into a new public company

Yahoo has filed with the SEC to spin off its remaining shares of Alibaba Group into a new public company called Aabaco Holdings.

Yahoo announced the spinoff plan in January, and says Aabaco Holdings will launch in the fourth quarter of 2015.

The new company will hold 384 million shares of Alibaba Group stock totaling 15 percent of company. Abaco Holdings also has total stock ownership of a new entity called Yahoo Small Business.

Removing Alibaba equity from Yahoo severs Yahoo from Alibaba. After the sale, Yahoo will not retain control and the shares that it holds, rather the equity will be distributed to current shareholders.

➤ Yahoo Files To Spin Off Its Alibaba Stake As “Aabaco Holdings” [TechCrunch]

Read next: Confirmed: eBay sells its Enterprise unit for $925 million

Read next: Rejoice! Spam rate hits 12-year low