Alibaba.com, China's largest e-commerce website, announced Thursday in Beijing that it has signed agreement with Yahoo.Inc. to acquire Yahoo China.
The package of Yahoo China's assets includes Yahoo's search technology, the website of Yahoo China, its communication and advertising business, as well as 3721.com, a Chinese language search engine.
Alibaba at the same time obtained one billion US dollars of investment from Yahoo.
According to the agreement, Yahoo will have 35 percent of voting rights in Alibaba.
Alibaba, a Hong Kong-headquartered company founded at the end of 1998, has become the world's largest online trading market.
Yahoo runs 24 websites in 12 languages globally. The website of Yahoo China was launched in September 1999.