Singapore’s sovereign wealth funds bought stake worth $1bn in Chinese e-commerce company Alibaba Group Holding Ltd’s as part of an $8.9bn sale by Japan’s SoftBank Group Corp, Alibaba’s biggest shareholder.
Singapore’s GIC Private Ltd. and Temasek Holdings each purchased $500m of Alibaba shares at $74.00 a share through their subsidiaries. Alibaba purchased $2bn of its own stock at the same price.
Members of the Alibaba Partnership of senior executives and founders purchased another $400m at the $74 per share price.
Softbank also offered $5.5bn in debt securities which could be exchanged for equity in 3 years.
Further, Softbank plans to offload at least $7.9bn of stake in Alibaba to reduce it’s debt.