Yahoo! has reached an agreement with China’s Alibaba over online-payment business Alipay, Reuters reported, citing people close to the matter.
In recent weeks, Yahoo, the biggest shareholder of Alibaba Group, has been negotiating with the Chinese company over the loss of Alipay.
According to Reuters, the accord requires the consent of Softbank Corp. founder Masayoshi Son, who sits on the board at Alibaba Group.
The news agency reports that Yahoo has now resolved a dispute with partner Alibaba Group over the Chinese company’s transfer of its prized online payments unit to its CEO Jack Ma, citing ‘two sources close to the matter’.
The two companies reached an agreement before Yahoo’s analyst meeting last Wednesday, one of the sources said. But the deal requires the consent of Softbank Corp founder Masayoshi Son, an Alibaba board member, who has been reluctant to come to the negotiating table, the sources said.
A Softbank spokeswoman said the negotiations were still going on and declined further comment.
Terms of the agreement include points made during Yahoo’s analyst meeting last week, according to the sources.
Yahoo Chief Financial Officer Tim Morse said the company was still in negotiations with Alibaba and laid out a framework for a deal involving compensation and value of Alipay.