Pan Shiyi sells SOHO China
The long rumored news of Blackstone's acquisition of SOHO China finally landed today. On the evening of June 16, SOHO China responded and announced that Blackstone had issued a comprehensive tender offer to acquire the controlling interest of SOHO China. After the completion of the transaction, SOHO China's existing controlling shareholders will retain 9% of the equity.
During the day of June 16, market sources said that Blackstone was close to reaching an agreement to buy SOHO China for about $3 billion. The relevant transaction was announced as early as this week, which would be Blackstone's largest real estate investment in China.
Since March 2020, there has been a lot of talk about Blackstone's privatization of SOHO China. In the evening, SOHO made a formal response from the Chinese side.
SOHO China said that today, Blackstone issued a comprehensive tender offer to invest in SOHO China Co., Ltd. in order to obtain a controlling stake in SOHO China. After the completion of the transaction, SOHO China's current controlling shareholders will retain 9% of the equity, and SOHO China will continue to be listed on the Hong Kong stock exchange.
SOHO China also said that after the completion of the offer, Blackstone plans to maintain the company's existing main business and management team. Blackstone and its current controlling shareholders will support and strengthen the company's business development by combining advantageous resources and expertise.
Beijing daily client reporter learned that at present, Pan Shiyi and his wife hold 63.93% equity of SOHO China.
According to public information, Blackstone Group, founded in 1985, is a leading alternative asset management company and financial consulting service provider in the world. Headquartered in New York, its business fields involve private equity funds, real estate funds, mezzanine funds, etc., and is regarded as one of the most popular fund companies in the market.
Pan Shiyi sells SOHO China
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