In addition to releasing its (mixed) fourth quarter earnings report, Yahoo just announced its plan to spin off its stake in Alibaba into a new company, currently dubbed “SpinCo.”
The new company will own all of Yahoo’s 384 million remaining shares in Alibaba, valued at $40 billion. The spin off will be tax-free, which has been one of the main concerns of shareholders — and as of 4:22pm Eastern, Yahoo shares were up nearly 7 percent in after-hours trading.
“Throughout my tenure with the company, we have worked tirelessly on a tax-efficient alternative that would maximize the value of our Alibaba investment for our shareholders,” Yahoo CEO Marissa Mayer said in the spin off release. “A tax-free spin off accomplishes this and delivers value directly and exclusively to our shareholders.”
Yahoo says the spin off should be completed in the fourth quarter of this year. SpinCo will be a publicly traded company, with stuck distributed pro rata to Yahoo shareholders.
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