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Temasek, GIC snap up US$1 billion stake in Alibaba

The shares were bought from SoftBank.

GIC and Temasek holdings each bought a US$500 million stake in Alibaba Group, a statement from Japanese telecommunications firm Softbank said.

The transaction was part of SoftBank's US$7.9 billion monetization of its stake in Alibaba.

SoftBank sold US$5.5 billion in Alibaba shares in a private placement to institutional investors. Another US$2 billion in share were bought by Alibaba, while a US$400 million stake was snapped up by members of the Alibaba Partnership.

Temasek and GIC bought the shares at US$74 per unit. 

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