Telstra finds SouFun stake buyers

Private equity firms Apax Partners and General Atlantic, along with two other SouFun shareholders, will buy Telstra's shares in the Chinese online property site that Telstra is not selling at the upcoming IPO. Should the IPO not be completed within the specified time frame, the parties will buy Telstra's entire shareholding in SouFun at price based on the valuation of 100 percent of SouFun of USD 810 million. Telsta purchased its 51 percent stake in SouFun in 2006 for USD 254 million and in December 2009 shareholders agreed to start preparing for an IPO this year.