Alibaba Pictures Announces Acquisition of Big Wheat! Transaction Valued at Approximately 1.3 Billion Hong Kong Dollars
Alibaba Pictures Announces Acquisition of Big Wheat! Transaction Valued at Approximately 1.3 Billion Hong Kong Dollars
2023-09-19
On September 19th, Alibaba Pictures, a subsidiary of Alibaba Group's Alibaba Digital Media and Entertainment, announced the signing of a share purchase agreement with Alibaba Group's wholly-owned subsidiary, Alibaba Investment Limited (hereinafter referred to as "Alibaba Investment"). Alibaba Pictures will conditionally acquire all the equity of Pony Media Holdings Inc., the company that operates the "Big Wheat" brand.
Alibaba Pictures CEO, Li Jie, stated, "We believe this transaction will mark a new chapter for the revitalized Alibaba Pictures. Prior to this transaction, we had already established a deep cooperation with Big Wheat through an exclusive entrusted operation service agreement, amassing over 20 million Taomai VIP members. After the completion of this transaction, we will continue to integrate industry resources, expand our influence in the value chain, and drive our development through technological innovation, ultimately creating value for our customers and shareholders."
The total consideration for this transaction is 167 million US dollars, equivalent to approximately 1.307 billion Hong Kong dollars. According to the agreement, the company will issue approximately 2.513 billion ordinary shares to Alibaba Investment at a price of 0.52 Hong Kong dollars per share. This will increase Alibaba Group's stake in Alibaba Pictures to approximately 54.26% following the completion of the share issuance. Alibaba Pictures expects to complete the transaction in the fourth quarter of 2023.
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