LeTV parent plans more M&A deals
The Chinese conglomerate behind LeTV Holdings Co Ltd is considering at least 15 deals after hiring former Bank of America Corp dealmaker Winston Cheng to lead acquisitions and help expansion in the United States and Southeast Asia.
Le Holdings (Beijing) Co, which controls LeTV businesses spanning smartphones and a sports website seeking a $3 billion valuation, is in talks with some targets and considering fundraising, said Cheng, head of corporate finance. It is also considering incentives to retain staff.
Cheng's arrival in August is part of its efforts to adopt practices in line with global technology firms to help its expansion outside of China after parts of its business gained backing from outside investors, including billionaire Jack Ma. That will partly come about through the recruitment of more Wall Street bankers, lawyers and auditors to beef up its investment team of 28 people, Cheng said in an interview.
