Sequoia part-exits Bona Film stake to company founder
Sequoia Capital has exited part of its stake in Bona Film Group to the company founder for approximately $16.5 million. The private equity firm agreed to sell 1.5 million ordinary shares to Dong Yu at $11 apiece, a premium of 5.6% over Bona’s closing price on March 30.
Following the transaction, Yu will hold 42% of the Chinese film distribution company, with Sequoia owning 5.42%. Yu observed that Bona more than doubled its revenues in 2011 and saw non-GAAP income rise...
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