Photo: VCG
BitAuto will bid farewell to the New York Stock Exchange.
The U.S.-listed Chinese auto information provider has agreed to be taken private by an investor group led by Tencent for $1.1 billion, according to a company statement.
Under the deal, BitAuto shareholders will receive $16 per share, a premium of 16.4% on the closing price of the company’s American depositary shares (ADSs) on Sep. 12, when BitAuto first received a buyout proposal from Tencent.
The deal is expected to be completed in the second half of 2020, the statement said.
BofA Securities serves as financial adviser to the investor group, which also includes private equity firm Hammer Capital, while Latham & Watkins LLP and Kirkland and Ellis serve as U.S. legal counsel and Hong Kong legal counsel respectively, the statement added.
On Friday, BitAuto released its gloomy results for the first quarter, with revenue down to $245.5 million from $386.2 million a year earlier. The company also reported a net loss of $180.6 million, compared with a net profit of $13.1 million in the same period of 2019.
Contact reporter Ding Yi (yiding@caixin.com)
Related: Tencent Announces Buyout Plan for New York-Listed Car Site
Sign in with Google
Sign in with Facebook
Sign in with 财新