Alibaba repurchases shares from SoftBank at $74 per share

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Chinese ecommerce company Alibaba Group Holding Ltd said on Wednesday it has agreed to buy 27 million of its own shares from SoftBank Group Corp at $74 per share, or $2 billion.

SoftBank Group said on Tuesday it would sell at least $7.9 billion of shares in Alibaba to cut the Japanese company’s debt.

Shares of Alibaba fell about 6.5 percent to close at $76.69.

(Reporting by Parikshit Mishra in Bengaluru; Editing by Richard Chang)