By Patrick Frater Asia Bureau Chief Sony is to pay $400 million for a minority stake in Chinese online entertainment platform Bilibili.
The deal values Bilibili at $8 billion. The all cash transaction is to be conducted through Sony Corporation of America and sees SCA buy 17.3 million Bilibili shares, or just under 5% of Bilibili’s capital.
Bilibili stock is traded in ADR form in the U.S. on the NASDAQ exchange, at $23.1 per share. Prior to the announcement Bilibili ADR shares, finished trading on Wednesday at $26.20 apiece.
The two companies say that, on completion, they will sign a business agreement to pursue entertainment collaboration opportunities in the Chinese market, in sectors including anime and mobile games.
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