WHAT HAPPENED
E-commerce Alibaba Group is expected to reap more than $2 billion from the sale of its game developer unit Lingxi Games to private equity firm Trustar Capital, a person familiar with the matter told Reuters . Trustar said late on Monday it had reached a transaction agreement with Alibaba to acquire the tech giant’s entire stake in Lingxi. Alibaba and Trustar reached a formal agreement after several rounds of talks, according to an internal memo sent to Lingxi staff on Monday by the game developer’s CEO Zhou Bingshu and reviewed by Reuters . Lingxi and Alibaba did not respond to requests for comment from Reuters on the memo. Under the agreement, Alibaba will transfer all of its Lingxi stake to Trustar, the memo said.
Continue reading from the original publisher for the complete report and source context.
READ ORIGINAL STORY