Giant Interactive Becomes a Privately Owned Company

Chinese online game company Giant Interactive Group Inc. (also known as Giant Interactive has become a private company again, thanks to a buyout deal involving the company's Chairman and two investment firms. The company has been publicly traded for seven years. The deal was led by company chairman Shi Yuzhu and included investments from Hony Capital and Baring Private Equity Asia.

The deal was worth $3 billion, according to the New York Times, paying approximately $12 per share to stockholders. The stock was trading at $11.40 a share on Friday. The group behind the deal already owned 47 percent of Giant's stock, and managed to secure debt financing of $850 million to cover part of the remaining $1.6 billion it paid out.

Giant Interactive is the best known as the developer of the popular Chinese MMO ZT Online, ZT Online 2, Genesis of the Empire, and Elsword. Giant Interactive is traded under the symbol "GA" on the NYSE. The stock is still trading, but we assume that will change shortly.

Source: GII

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