Infront set for further Chinese investment

Chinese electronics company Ledman Optoelectronic has said its owner, Man Tie Li, is set to become the latest investor from the country in the Infront Sports & Media agency.

In a statement, Ledman said Li, the firm’s controlling shareholder and chairman and president, plans to invest up to €25m ($27.6m) in Infront through a Hong Kong-based holding company. However, Ledman as a brand would not participate in the investment.

Earlier this month, it was revealed that Shanghai Oriental Pearl and China Media Capital would jointly acquire a five-per-cent stake in Infront following the completion of the agency’s takeover by Chinese conglomerate Dalian Wanda.

US newspaper Variety said Oriental Pearl, a listed subsidiary of Shanghai Media Group, and CMC, a private equity fund run by former SMG leader Li Ruigang, would purchase their shares from Dalian Wanda.

Oriental Pearl, which will pay about €18.1m for its stake, said the deal would help “Oriental Pearl and Star Sports obtain rights to broadcast major sports events and promote the development of its Internet TV services business”.

Dalian Wanda completed its acquisition of the majority shareholding in Infront at the beginning of July. The shares were acquired from Bridgepoint, the European private equity firm, with the transaction valued at approximately €1.05bn.