Sequoia Part-Exits Bona Film Stake to Company Founder (Asia)

Source: AVCJ  |  Author: Tim Burroughs

Global venture capital firm Sequoia Capital has exited part of its stake in Bona Film, a Chinese film distributor, to the company founder for approximately US$16.5 million. The private equity firm agreed to sell 1.5 million ordinary shares to Founder, Chairman and CEO Dong Yu at US$11 apiece, a premium of 5.6 percent over Bona’s closing price on 30 March 2012. Following the transaction, Yu will hold 42 percent of Bona Film, with Sequoia owning 5.42 percent.