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Carlyle-led consortium agrees $3.7bn take-private of Focus Media

20 Dec 2012

A Carlyle-led consortium has sealed the largest private equity deal in China after agreeing a $3.7bn buyout of Nasdaq-listed display advertiser Focus Media Holding.

The offer consisted of $27.50 per American depository share, representing a premium of 17.6 per cent over the company’s $23.38 per ADS price on August 12, the last trading day before Focus revealed the take-private proposal had been made.

Carlyle will invest in the Shanghai-based company through its Asia Partners III fund alongside FountainVest, CITIC Capital and China Everbright.

Chinese conglomerate Fosun International, which owns about 35.5 per cent of Focus alongside company chairman Jason Nanchun Jiang, will become part of the consortium upon completion of the deal.

The deal is expected to close during the second quarter of 2013.

Reports in September confirmed Asian banks were being sounded out for a debt package of up to $1.7bn to finance the deal.

Citigroup, Credit Suisse and DBS Bank were to lead the three-part buyout financing, Basis Point reported.

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