Focus Media Dumps Chinese Internet Advertising Company Allyes
Chinese digital media firm Focus Media Holding Limited has entered into a definitive share purchase agreement to sell to Silver Lake a 62% indirect equity ownership of its Internet subsidiary, Allyes Online Media Holdings Ltd and its consolidated subsidiaries and affiliates, for USD124 million.
Under the terms of the agreement, Silver Lake will gain equity ownership of Allyes held by Focus Media. Simultaneously with the signing of the agreement, certain remaining shareholders of Allyes also agree to sell their equity ownership in Allyes to Silver Lake, so that following the series of transactions, Silver Lake will own a controlling stake in Allyes.
“We are delighted to welcome Silver Lake as our majority shareholder and strategic partner,” said David Zhu, CEO of Allyes. “Allyes looks forward to leveraging Silver Lake’s deep technology background and exceptional insights in the global interactive market as we continue to grow and innovate our business strategies.”
The transaction is expected to close soon, subject to customary closing conditions.
Established in 1998, Allyes is one of the largest online advertising providers in China. Headquartered in Shanghai, China, Allyes has branch offices in Beijing, Shenzhen, Guangzhou and Chengdu.