Qihoo 360’s $9.3B Go-Private Deal Approved By Shareholders

China’s Qihoo 360 Technology Co. Ltd. announced that its US$9.3 billion go-private deal has won shareholder approval, which means the company could be de-listed from the New York Stock Exchange within a couple of weeks.

The passage came nine month after the Chinese Internet security firm initially received a preliminary non-binding proposal in June 2015 from chariman Zhou Hongyi and a group of investors.

Qihoo 360 recorded strong performance on the U.S. stock market. The investor consortium bought shares at US$77 per American Depository Share (ADS), compared to Qihoo 360’s IPO price of US$14.5 back in 2011.

The go-private deal, the largest such transaction of a U.S.-listed Chinese company, was joined by investors including CITIC Guoan Group and Golden Brick Capital Private Equity Fund I L.P.

Sequoia Capital China I, L.P., Taikang Life Insurance, Ping An Insurance, Sunshine Insurance, New China Capital, Huatai Ruilian, and Huasheng Capital were also members of the investor consortium.

 
China Expert network

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