SINA Corporation raises $180 million from New-Wave Investment Holding Company
SINA | Quote | Chart | News | PowerRating -- SINA Corporation has completed a private placement of 5.6 million ordinary shares to New-Wave Investment Holding Company Limited for total gross proceeds of $180 million.
SINA is a China-based online media company and a provider of value-added information services, while New-Wave is a British Virgin Islands-based company established and controlled by Charles Chao, SINA's Chief Executive Officer and other members of SINA's management.
Announcement (September 28, 2009):
SINA has entered into a definitive agreement to raise $180 million through a private equity placement of its 5.6 million ordinary shares with New-Wave.
The shares issued to New-Wave will be subject to a six month lock-up and will have customary registration rights.
Shearman & Sterling LLP is acting as legal advisor to New-Wave Investment Holding Company.
Deal Value (US$ Million) 180
Deal Type Private Placement
Sub-Category None
Deal Status Completed: 2009-11-27
Deal Participants
Target (Company) SINA Corporation
Acquirer (Company) New-Wave Investment Holding Company Limited
Deal Rationale
SINA expects to use the proceeds of the financing for future acquisitions and general corporate purposes. The investment will enhance SINA's liquidity position and ability to execute on strategic undertakings.
No. Shares Issued 5600000
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