MP & Silva: Chinese companies Baofeng and Everbright acquire 65% of the agency for €819m

Shanghai Jin Xin, a Chinese investment fund, acquired a 65% interest in MP & Silva, announced the British marketing and media rights agency on 24/05/2016. Shanghai Jin Xin is a holding company created specifically for this acquisition by China Everbright Ltd, a Chinese financial services company, and Beijing Baofeng Technology Co Ltd, an entertainment company specialising in virtual reality and digital entertainment.

The current shareholders of MP & Silva, including Riccardo Silva, have retained a 35% stake after the transaction. The acquisition values the agency at $1.4bn (€1.26bn), according to the website Bloomberg on 23/05/2016.

"Baofeng and Everbright will help us to develop our business and strengthen further our global footprint. We are excited at the opportunity to use our partners’ innovative technologies to enhance the delivery of some of the most popular sports events in the World and benefit from their presence in China to grow our presence in this key sports market. We will work together to create new internet sports services and content, and build new Virtual Reality…