Orient Securities PE Arm Proposes $673M Privatization Of CMGE


A private equity unit under Chinese brokerage firm Orient Securities Company Limited has proposed to take NASDAQ-listed China Mobile Games and Entertainment Group (CMGE) private in a deal valued at roughly US$673.2 million, according to a securities filing.

Orient Hongtai (Beijing) Investment Management Co., Ltd., the private investment arm of Shanghai-based Orient Securities, proposes to acquire all of the outstanding shares of the mobile gaming company for US$1.5357 per ordinary share, or US$21.5 per American Depository Share (ADS), a 5.5% premium to the company’s last closing price.

Orient Investment has secured committed equity financing from its affiliates and co-investors in an aggregate amount of RMB5 billion (US$805 million) to support the all-cash deal.

It’s unclear how many CMGE shares Orient Investment already own. There are no public filings indicating that Orient Investment may own 5% or more of the company.

Guangzhou-based CMGE is the largest publisher of mobile games in China.

Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
 
Caishen.Co - Primary Data for China Secondary Investment and Stock Markets

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