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VisionChina Media selling subway TV ad business for $119M

Feb. 16, 2016 5:25 PM ETVisionChina Media, Inc. (VISN-OLD) StockVISN-OLDBy: Jason Aycock, SA News Editor
  • VisionChina Media (NASDAQ:VISN) finished up 2.9% today, after it said it would sell its subway TV ad business for 780M yuan ($119M) to LED product maker Ledman Optoelectronic.
  • The sale comes via an equity transfer agreement from its subsidiary VisionChina Media Group and Shenzhen HDTV Industrial Investment. The sellers transferred the subway business to VisionChina New Culture, which was sold entirely to Ledman.
  • The deal means that VisionChina will indirectly own about 5.6% of Ledman; Ledman is paying 390M yuan in cash and the other 390M yuan in 20.7M newly issued shares of Ledman valued at 18.8 yuan/share. The cash will be paid in two installments.

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