AutoNavi agrees to be bought by Alibaba Group

AutoNavi Holdings Ltd. (NASDAQ: AMAP) said that it entered into a definitive merger agreement to be acquired by an affiliate of Alibaba Group Holding Ltd., a global e-commerce leader and the largest e-commerce company in China.

Upon completion of the acquisition, the shareholders of the company will receive USD5.25 in cash per ordinary share or USD21.00 in cash per American depositary share of the company. The price represents a premium of 27.0 percent over the company´s closing price of USD16.54 per ADS on February 7, 2014, the last trading day prior to the date the company announced it had received a “going private” proposal from Alibaba.

AutoNavi´s board of directors approved the merger agreement and the transaction and recommended that the company´s shareholders vote to authorize and approve the merger agreement and the transaction.

AutoNavi Holdings is a provider of digital map content and navigation and location-based solutions in China. Its website is at http://www.autonavi.com.

Alibaba Group develops technology-driven commerce ecosystems for the benefit of consumers, merchants and service providers.

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