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Digital China MBO Gets SASAC Approval
China's State-owned Asset Supervision and Administration Commission (SASAC) has approved Chinese IT distributor Digital China's (0861.HK) management buyout (MBO), reports Caijing Magazine quoting Softbank Asia Infrastructure Fund (SAIF) managing partner Andy Yan. Yan said Digital China executives will purchase over ten percent of Digital China shares for HK$1.318 billion at HK$3.5 per share. After the MBO, Digital China executive director and CEO Wei Guo will own 10.29 percent of Digital China to become the third largest shareholder after SAIF and Legend Holdings. Digital China announced in August that its shareholders Legend Holdings and General Atlantic sold a 42.94 percent stake in Digital China to SAIF, Hony Capital, Fine Elite Management Ltd. and Guo.
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