China: Focus Media to Invest $60+ Million in VisionChina Media
3 January 2011 11 h 35 min4 Comments
Focus Media is about to acquire a significant minority share in VisionChina Media, by purchasing 15,331,305 newly issued common shares of the company for a total value of approximately US$61.0 million.
JJ Media Investment Holding Limited, an entity owned by Jason Nanchun Jiang, the chairman and chief executive officer of Focus Media and one of Focus Media’s largest shareholders, and Front Lead Investments Limited, an entity beneficially owned by Limin Li, the chief executive officer and largest shareholder of VisionChina Media will each also acquire 1,022,087 newly issued common shares of VisionChina Media for a value of approximately US$4.0 million.
The transaction is subject to customary closing conditions and is expected to be completed in early January 2011.
Following the transactions, Front Lead will remain VisionChina Media’s largest shareholder with 17.2% of VisionChina Media’s outstanding issued shares. Focus Media will hold approximately 15% and JJ Media will hold 1% of the company’s outstanding issued shares respectively.
Categories : Acquisition, Ad-network, Bus, China, Finances, Underground
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[...] – VisionChina Media, which completed the acquisition of DMG at the beginning of 2010, now controls more than 110,000 screens installed in buses and underground systems in the country. The group has recently moved closer to the giant Focus Media, which will invest $60M in VisonChina, making it the second biggest shareholder. [...]