Chinese online gaming company Perfect World’s management buyout will be funded by a $900 million committed loan facility arranged by China Merchants Bank and Wing Lung Bank, according to a company release.
The company is being taken private by Perfect Peony, a company owned by Perfect World founder and chairman Michael Yufeng Chi and Perfect World Merger Company, a wholly owned subsidiary of Perfect World.
Chi submitted a non-binding proposal on December 31 last year and that agreement was formalised on Sunday.
Chinese banks are keen to lend and dominate acquisition financing for mainland companies. On occasion, foreign lenders have led financing, as was...