Alibaba buys 25 percent stake in Haier multimedia company

Qingdao Haier Co Ltd - the listed arm of Haier Group, China's biggest home appliance supplier - said it will join hands with e-commerce giant Alibaba Group Holdings Ltd to own stakes in Haier's multimedia company.

Haier said its multimedia company, which is positioned as an operating platform of Haier's TV business, planned a share transfer and capital boost.

Under the terms of the deal Qingdao Haier will own 20.2 percent in the multimedia firm, paying 525 million yuan ($76.4 million), while Alibaba will own 25.25 percent after the transaction, paying 657 million yuan ($95.6 million).