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Private equity players pull out of $1.9bn Shanda Games buyout consortium

3 Sep 2014

ShandaA trio of private equity firms have pulled out of consortium making a $1.9bn deal to buy Chinese online games developer Shanda Games.

Primavera Capital, Carlyle Group, Fountainvest Partners and game developer Perfect World had previously offered $6.90 per American depositary share for the US-listed business, but are now all out of the deal.

Shanda said that Orient Finance Holdings, Shanghai Buyout Fund and Ningxia Zhongyincashmere International Group had joined the consortium.

Primavera and Shanda Interactive Entertainment owned more than 76 per cent of Shanda Games at the turn of the year according to Reuters.

Earlier this year a private equity-backed consortium agreed to buy Chinese online gaming group Giant Interactive in a $3bn take-private deal.

The consortium included Giant Interactive chairman Yuzhu Shi, Hony Capital and Baring Private Equity.

The buyers, who currently own 49.3 per cent of the company, made their initial offer in November last year.

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