The Chinese online game operator Giant Interactive has been bought out by its chairman and two private equity companies for $3 billion.
The deal, which was led by chairman Shi Yuzhu and involved Hony Capital and Baring Private Equity Asia, means that Giant Interactive is once again a private company, seven years on from its initial listing in New York in 2007.
The $3 billion offer is equivalent to around $12 per share, 5 per cent more than Giant's $11.40 stock value at the close of trading on Friday. The group behind the deal already owned 47 per cent of Giant's stock. It secured debt financing of $850 million to cover part of the remaining $1.6 billion.
Giant Interactive is the best known as the developer of the popular MMO ZT Online.
Thanks to The New York Times.