Patrick Frater Asia Bureau Chief Alibaba Pictures, the separately-listed film investment and distribution unit of China’s tech giant Alibaba behind recent box office hit “Lost in the Stars,” is to buy Damai.
The target company is a major provider of live entertainment in the country that is currently controlled by the Alibaba parent company.
The transaction is valued at $167 million, according to a regulatory filing on Tuesday, and will be paid for by the issue of new Alibaba Pictures shares.
Damai is involved in concerts, musical festivals, live house performances, plays, sports events and exhibitions in China. It “engages in the full life cycle of live performances, including production, promotion and ticketing,” and has served over 1.8 million events with over 100 million registered customers cumulatively, Alibaba Pictures said.Read more on variety.com