Sina taps CITIC, FountainVest, Sequoia for $180 million
Sequoia Capital, FountainVest Partners and CITIC Capital Holdings have reportedly agreed to finance leading PRC web portal Sina in a $180 million management buy-in to reinforce the positions of CEO Charles Chao and other senior executives.
Chao and his team will contribute $50 million, with the outside investors ostensibly contributing roughly equal tranches of the remaining $130 million. Sina will issue new shares to the joint investment vehicle equivalent to a roughly 9.4% stake, and apparently may also use the funds for acquisitions and working capital. Sina, lagging against competitors Sohu.com and Tencent Holdings, recently failed to acquire assets of PRC outdoor advertising firm Focus Media Holding Ltd.
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