CITIC, China Renaissance Back Qihoo 360 Go-Private Deal

New York Stock Exchange-listed Qihoo 360 Technology Co. Ltd. has received a preliminary non-binding proposal from its chairman and CEO, as well as a number of investors, to take the company private, according to a company announcement.

CITIC Securities Co. Ltd., Golden Brick Capital Private Equity Fund I L.P., China Renaissance Holdings Limited, and Sequoia Capital China I, L.P. are backing the privatization proposal, which values the Beijing-based Internet firm at approximately US$9.9 billion.

The investor consortium is offering US$77 per American Depository Share (ADS) in cash, a premium of 16.6% to the company’s last closing price before the announcement on June 17.

The deal is to be finance with a combination of debt and equity capital, says the statement.

Qihoo 360 raised US$175 million via an initial public offering in 2011, selling 12 million shares at US$14.5 per share.

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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