Perfect World joins consortium for Shanda Games take-private

According to a regulatory filing, Perfect World will pay $100 million in cash to acquire 30.3 million Class A Shanda Games Shares from its controlling shareholder Shanda Interactive Entertainment at $3.30 apiece.

The share purchase is expected to be completed in 30 days.

In January, Shanda Interactive and Primavera Capital made a buyout offer for Shanda Games. The consortium owns approximately 76.2% of the company and wants to buy the remainder for $6.90 per American Depository Share, or $3.45 per Class A ordinary share.

Shanda Games spun out from parent Shanda Interactive in 2009 via an IPO that raised more than $1.04 billion. Its portfolio includes massively multiplayer online (MMO) and mobile games. Net revenues for the third quarter of 2013 were RMB1.12 billion ($182.9 million), up 3.3% year-on-year.

Listed in the US, Chinese MMO publisher Perfect World saw its revenue grow by 11% to reach RMB3.1 billion ($504 million) last year. Its net profit slightly increased from RMB540.7 million in 2012 to RMB542.4 million in 2013.

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• Topics
• Greater China
• Buyouts
• Technology
• China
• buyout
• TMT
• Primavera
• USA