Beijing Infinitas purchases Renren’s social platform business for USD 20 mln
Nov 14, 2018 (China Knowledge) - Renren Corporation <NYSE: RENN> a social networks platform, operator of used car business, and SaaS business, has announced that its subsidiary Beijing Thousand Oaks Netscape Technology Development Co., Ltd. has agreed to sell its Renren.com social platform business and related assets to Beijing Infinitas Interactive Media Co., Ltd. for USD 20 mln.
Oak Pacific Holdings, one of the buyer's minority shareholders, is a company jointly controlled by Mr. Chen Yizhou, Chairman and CEO of Renren and Mr. Liu Jian, Executive Director and Chief Operating Officer of Renren. Based on the background of the deal, the significant terms of the agreement and the fairness analysis issued by Duff & Phelps, LLC, the Audit Committee of the Renren Company reviewed and approved the sale of the asset and then submitted it to the Board of Directors of the company for review and approval.
With the completion of this deal, Renren will focus on the domestic used car business and the overseas business represented by the Trucker Path business and SaaS business operating in the U.S. The company is still planning to maintain its identity as an NYSE-listed company.
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