Chinese online entertainment platform Bilibili has confirmed that Sony Corporation of America (SCA), a wholly-owned subsidiary of Sony Corporation, has entered into a definitive agreement with Bilibili such that SCA will invest an aggregate amount of approximately $400 million in cash in Bilibili at the closing of the transaction.
Pursuant to the share purchase agreement, SCA will subscribe for 17,310,696 newly issued Class Z ordinary shares of Bilibili for an aggregate consideration of approximately $400 million (€370m). The purchase price will be $23.1071 per Class Z ordinary share, which is equivalent to $23.1071 per American Depositary Share (ADS) of Bilibili, each of which represents one Class Z ordinary share. The transaction is expected to close on or before April 10th, 2020, subject to customary closing conditions. Upon the closing, SCA will beneficially own approximately 4.98 per cent of Bilibili’s total issued shares.
In addition, Bilibili and Sony will enter into a business collaboration agreement at the closing to pursue collaboration opportunities within the area of entertainment business in the Chinese market, including anime and mobile games.
“We are excited to partner with Sony, the world’s leader in entertainment and technology,” declared Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili, said. “The strategic investment and business cooperation further align our goals to bring best-in-class content offerings and services to our users, as we increase our domestic stronghold in animation and mobile games. We look forward to joining efforts on a broader scale to fulfil the tremendous and growing entertainment needs in China.”