SUNNYVALE (dpa-AFX) - Yahoo! Inc (YHOO) on Friday announced the initial filing with the Securities and Exchange Commission in connection with its plan to spin off its remaining holdings in Alibaba Group Holding Ltd (BABA) into a newly formed independent, publicly traded, registered investment company. The name selected for the new public company is Aabaco Holdings Inc, Yahoo said.
Under the spin-off plan, announced in January, Yahoo plans to distribute all of the outstanding shares of Aabaco Holdings pro rata to its shareholders. Immediately after the spin-off, Aabaco Holdings will own about 384 million shares of Alibaba Group, representing an ownership interest of about 15% in Alibaba Group, and a 100% ownership interest in a newly formed entity which will own Yahoo Small Business.
The spin-off is expected to be completed in the fourth quarter of 2015, subject to final approval by Yahoo's board of directors and the satisfaction or waiver by Yahoo of certain other conditions.
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