Wednesday December 3, 08:35 AM
Goldman, M.Stanley, Bain to buy into China film firm
HONG KONG/BEIJING, Dec 3 (Reuters) - Investment funds of Wall Street banks Goldman Sachs (NYSE: GS - news) and Morgan Stanley (NYSE: MS
- news) and private equity giant Bain Capital plan to invest a combined at least $30 million into a Chinese movie distributor soon, top boss of the distributor Poly Bona told Reuters on Wednesday.
Poly Bona, backed by state-owned conglomerate Poly Group, has already attracted investment from U.S. venture capital firms Sequoia Capital China and SIG Asia Investments, which is affiliated with Susquehanna International Group.
Earlier on Wednesday, two sources close to the deal told Reuters that Goldman and two unidentified foreign investors planned to invest at least $30 million into Poly Bona in its new round of private fund-raising, which is also set to be the last round before the firm goes public. (For details:)
Yu Dong, chairman and president of Poly Bona, headquartered in Beijing, when contacted by Reuters by telephone, confirmed Goldman's investment and added Morgan Stanley and Bain Capital would join Goldman's planned purchase of part of the company.
(Reporting by George Chen in HONG KONG and Zhou Xin in BEIJING; Editing by Anne Marie Roantree) For related Asian private equity news, Reuters 3000 Xtra users can double click on: Keywords: GOLDMAN CHINA/POLYBONA
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