China is set to deepen its investment in global sports and entertainment with the acquisition of a majority stake in MP & Silva in a deal valuing the Italian-owned media rights agency at just over $1bn.
China Everbright, a financial services company, and Beijing Baofeng Technology, a listed online video group, will acquire a stake of more than 60 per cent in MP & Silva, according to two people involved in the process. A deal is expected to be announced within in the next 48 hours, although the timing could slip.
China Everbright is a large state conglomerate that, like many of its peers, is seeking to diversity abroad as its domestic banking arm contends with ever slower economic growth at home.
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