LeEco becomes biggest shareholder in Coolpad

News Wireless China 21 JUN 2016
LeEco becomes biggest shareholder in Coolpad
LeEco has become the largest shareholder in Chinese smartphone maker Coolpad. Coolpad announced that its largest shareholder, Data Dreamland agreed to sell a 11.0 percent stake in the company at HKD 1.90 per share to LeEco, maker of TVs, phones and other consumer electronics. This increases LeEco's stake to 28.9 percent from 17.9 percent, and reduces Data Dreamland's stake to 9.23 percent. 

The total price for the additional shares was HKD 1.0 billion. LeEco first invested in Coolpad a year ago, buying almost 18 percent for HKD 2.74 billion. Jia Yueting, founder and owner of LeEco, confirmed the deal at a speech at the St. Petersburg International Economic Forum.

Categories:

Mobile

Companies:

Coolpad,  LeEco

Countries:

China

Tags:

Shareholders & subsidiaries, Handsets, M&A buyouts & divestments

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