Alibaba’s Ant Group Purchases 50.55% Stake in Bright Smart for $362 Million, Stock Hits Record High

Benzinga

Alibaba's affiliate, Ant Group, is acquiring a 50.55% controlling stake in Bright Smart Securities & Commodities Group for $362.26 million, the companies announced on Friday, according to Reuters. Bright Smart chairman Yip Mow Lum will sell shares to Ant’s Wealthiness and Prosperity Holding, triggering an unconditional mandatory cash offer for the remaining shares. Bright Smart’s stock soared to a record high and posted its largest single-day gain since its listing. Ant plans to maintain Bright Smart’s listing and expand its overseas financial operations after refinancing its $6.5 billion credit line last year.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Alibaba's affiliate Ant Group is acquiring a 50.55% controlling stake in BrightSmart Securities,

00:07a commodities group for the $362.26 million the company's announced on Friday, according to Reuters.

00:14BrightSmart chairman Yip Malum will sell shares to Ant's wealthiness and prosperity holding,

00:18triggering an unconditional mandatory cash offer for the remaining shares.

00:23BrightSmart's stock soared to a record high, posted its largest single-day gain since its listing.

00:28Ant plans to maintain BrightSmart's listing and expand its overseas financial operations

00:32following the refinancing of its $6.5 billion credit line last year.

00:37For all things money, visit Benzinga.com slash GSTV.

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