SIG China and Singapore-based private equity firm Meridian Capital is to exit their stakes of Beijing-based online advertising firm adSage in a trade sale, in which Shanghai-listed BesTV New Media Co., Ltd. will acquire a 51% stake in adSage for $95.88 million, according to a regulatory filing submitted by Shanghai-listed BesTV.
SIG China Investments Master Fund II, LLLP is to sell 2.428 million preferred A shares of adSage, or a 27% stake, for US$32 million, and Meridian Capital will sell its 8% stake, or 728.571 preferred A shares, for US$9.6 million.
The two investors invested a total of around US$20 million in adSage in 2011.
BesTV is a subsidiary of Shanghai Media Group (SMG), and it became the first publicly listed new media company on the Shanghai Stock Exchange in 2011 in China.
Founded in 2007 by ex-Microsoft technical architects, adSage employs 120 search engine optimization and search engine marketing professionals managing campaigns for over 1000 advertisers on Baidu.com, Qihoo 360, Sogou, Google and other major Internet sites.