Temasek unit plans $185m Youku Tudou sell down – report
Sennett Investments, an affiliate of Temasek Holdings, has reportedly sold down its entire stake in Youku Tudou, an US-listed Chinese video site, generating up to S$235 million ($185 million).
Temasek offered 7.7 million shares in Youku Tudou at $23.80-$24.00 each, IFR Asia reported, citing a term sheet of the transaction. Credit Suisse was hired to manage the stake sale.
In August 2010, Tudou site rasied a $50 million Series E round of funding, in which Temasek invested $35 million, while Granite Global Ventures, IDG China, JAFCO Asia, and KTB Ventures together injected $15 million. One year later, the video site raised $174 million through its NASDAQ IPO, with Sennett Investments reducing its stake from 21.3% to 17.1%.
In March last year, Tudou's rival Youku.com, also an US-listed Chinese online video company, annouced that they merged in a 100% stock-to-stock to transaction worth over $1 billion.
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