Yahoo said Friday that it filed papers with the U.S. Securities and Exchange Commission detailing the company's plan to spin off the remaining Alibaba Group assets under the name Aabaco Holdings, which will also contain Yahoo's Small Business unit.
The SEC Registration Statement on Form N-2 under the Investment Company Act of 1940 was made in connection with its previously announced plan to form an independent, publicly traded, registered investment company.
"Under the spinoff plan, announced on January 27, 2015, Yahoo plans to distribute all of the outstanding shares of Aabaco Holdings pro rata to its shareholders," according to Yahoo. "Immediately after the spinoff, Aabaco Holdings will own approximately 384 million shares of Alibaba Group, representing an ownership interest of approximately 15% in Alibaba Group, and a 100% ownership interest in a newly formed entity which will own Yahoo Small Business."
Yahoo is scheduled to report its second-quarter results Tuesday.