“This is a good outcome for Yahoo and for our shareholders, as well as all the parties to this agreement,” Carol Bartz, the chief executive of Yahoo, said in a statement on Friday.

While the agreement resolves a contentious issue, investors remained cautious on Friday. Shares of Yahoo fell nearly 3 percent, or 40 cents, on Friday, and closed at $13.10. “On the face of it, it seems like a good deal for Yahoo, given how acrimonious the relationship with Jack Ma and Carol Bartz had become and how little leverage Yahoo had,” Jordan Rohan, an analyst at Stifel Nicolaus, said on Friday. But he said the drama also exposed how Yahoo’s fate in Asia is dictated by the whim of Mr. Ma.

“Even if the ownership of the rest of Alibaba group is not altered, the path forward seems to be controlled 100 percent by Jack Ma and his team,” he said.

The heavy hand of China’s government also looms large. Given the country’s strict regulatory environment, analysts raised doubts on Friday that an Alipay offering would come soon or be as lucrative as Yahoo hoped.

“They did not give any clarity on a potential timeline for an I.P.O.,” said Scott Kessler, an analyst with Standard & Poor’s. “The Chinese government also seems focused on domestic ownership for this company, thus making any global I.P.O. unlikely if not impossible.”