Baring, Hony, CDH Complete Giant Interactive Go-Private Deal

Shanghai-based online game developer and operator Giant Interactive Group Inc. has competed a go-private deal by Baring Private Equity Asia, Hony Capital and CDH Investments, according to a company announcement.

The buyer consortium, which also included Giant’s chairman Shi Yuzhu, acquired shares at US$12 per American Depository Share (ADS), valuing the New York Stock Exchange-listed company at approximately US$3 billion.

Post completion, Baring will hold a 22.5% stake in Giant, Hony and CDH will each own 25.5% and 8.99%.

This is the second largest private equity-backed privatization deal of a U.S.-listed Chinese company.

The take-private transaction of Chinese advertising firm Focus Media last year by the Carlyle Group, FountainVest Partners, CITIC Capital Partners and China Everbright Structured Investment Holdings and Fosun International valued the company at US$3.7 billion. The Shanghai-based Focus Media is reportedly planning to raise US$1 billion in a re-listing in Hong Kong.

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