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Yahoo on Thursday said it will pay $1 billion cash for a 40 percent stake in the Chinese Internet company Alibaba. "Yahoo’s investment underscores our long-term commitment to the Chinese market, "Terry Semel, Yahoo’s Chairman and CEO (首席执行官), said in a statement. The deal is expected to close in the fourth quarter. When it does, Yahoo and Alibaba will pool portal, search and e-commerce properties to create one of the largest Internet companies in China. The companies said the combined entity, which will be run by Alibaba CEO Jack Ma, is valued at $4 billion.