360 privatization President of mortgage headquarters building holdings of over 500 million

March 10, 2017 0 Comments

[Abstract]360 privatization price is $77, the total share capital of 128 million 940 thousand, in order to calculate the valuation of $9 billion 928 million to $360.

 

Tencent technology Lei Jianping reported on January 15th

360 privatization process continues to advance. A SEC file to get the Tencent technology day in front of the show, has completed 360 of the $9 billion 400 million privatization and obtain the final agreement, China Merchants Bank and other bank led 360 privatization transactions to provide $3 billion 400 million of debt financing.

, however, 360 of these debt financing is not without cost. Statistics show that 360 of the company’s balance sheet to borrow, which is located in Beijing, Jiuxianqiao headquarters and some of the shares of the company has been part of the assets of the company as collateral for the 360 of the 360.

 

360 before and after the privatization of the company’s ownership structure (picture from SEC file)

SEC documents also revealed that 360 of the privatization process, 360 chairman Zhou Hongyi (micro-blog) shares increased from 17.3% to 22.3% shares, an increase of 5 percentage points, 360 President Qi Xiangdong shares declined from 8.1% to 2.2%, shares fell 5.9 percentage points.

360 privatization price is $77, the total share capital of $128 million 940 thousand, in order to calculate the valuation of $9 billion 928 million to $360. Qi Dong holdings fell 5.9 percentage points, which means that the amount of direct cash from Qi Xiangdong reached $585 million from $360.

Qi Xiangdong why large-scale reduction of 360 of the shares of Tencent? Previously, technology has 360 exclusive broke the news, intends to MBO’s enterprise security business (management buyout), the 360 leading enterprise security service MBO is the 360 President Qi Xiangdong.

The price of security business MBO

360 enterprise 3 to $500 million at the time, analysts believe that large Qi Xiangdong behind the reduction of 360 of the shares, a large part of the cost of funds may be used to pay 360 enterprise security business needs MBO.

360 privatization agreement reached after the equity exposure

investors include CITIC Guoan, China Ping, Sequoia Capital China, Taikang Life Insurance and sunshine. The day before the announcement of CITIC Guoan, confirmed that the investment of $400 million, accounting for 360 of the total cash privatization price of 4.6%.

CITIC Guoan holds less than Zhou Hongyi, Tianjin Xin Sheng new equity investment partnership (limited partnership), all confidence in Tianjin equity investment partnership (limited partnership), as the fourth largest shareholder of 360 after privatization.

Tianjin Xin Sheng new equity investment partnership (limited partnership) Holdings amounted to 11.4%, all confidence in Tianjin equity investment partnership (limited partnership) Holdings.

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