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.