Hony, Suning to take controlling stake in China’s PPTV for $420m
Hony Capital and home appliance retailer Suning Commerce - also one of the PE firm's portfolio companies - will buy a controlling interest in Chinese online TV provider PPTV for $420 million. The deal, which values PPTV at approximately $568 million, creates an exit opportunity for the company’s existing VC backers.
According to a regulatory filing, Suning will pay $250 million to buy a 44% stake in PPTV, becoming the largest shareholder. Two Hony-operated vehicles - Exalt Spring and Virtue Faith Holdings - will put...
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