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AutoNavi agrees to be acquired by Alibaba

By The Associated Press
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Chinese digital mapping and navigation company AutoNavi Holdings Ltd. has agreed to be acquired by e-commerce company Alibaba Group Holding Ltd. in a deal valued at $1.5 billion.

Alibaba will pay $5.25 per share to AutoNavi stockholders, or $21 per American depositary share. That is a 27 percent premium over the company’s closing price on Feb. 7, the last day of trading before its talks with Alibaba became public.

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