My Age of Investment

  Chapter 377 Everyone is happy (seeking monthly ticket)

  Not only Xia Jingxing who was dissatisfied with the details of the transaction plan, Yang Zhiyuan’s face was also as black as the bottom of a pot.

   "Jack, the 26% stake in Yahoo! The holding cost is as high as 1.08 billion U.S. dollars!"

  Yang Zhiyuan took the paper handed to him by his subordinates, and read it: “After the financing is completed, Ari’s total share capital is 403 million shares, of which Yahoo holds 104.78 million shares, and the cost per share is US$10.31;

  Vision Capital holds 92.69 million shares, and the cost per share is US$7.84;

  Excluding the old shares held by SoftBank, it accepted 27.453 million shares transferred from other old shareholders, at a cost of US$6.5 per share.

   Tell me, how do we accept this plan? "

  Xia Jingxing glanced at the results calculated by Duck Neck, which were all consistent with the figures reported by Yang Zhiyuan at this time.

  He also knew that the reason for the different average holding costs of the three investors was the transfer of old shares.

  The old shareholder of Ari holds 33% of the equity, the corresponding number of shares is 87.7 million shares, the transaction price is 570 million U.S. dollars, and the average cost is 6.5 U.S. dollars per share.

  SoftBank only bought a small part of the old stocks and did not need to inject capital into Ari, so the overall cost of holding shares was the lowest of the three.

   On his own side, he bought a part of cheap old stocks, and then injected a part of it into Ahri at a high price.

  One high and one low, the two offset, and the cost of holding shares is among SoftBank and Yahoo.

  The worst loser is Yahoo, because it did not take over the old stocks of Ari, all of which are new stocks issued at high prices, so the cost of holding shares is the highest.

   Thinking of this, Xia Jingxing has a lot of mental balance.

   didn't express his opinion easily, just watch Yang Zhiyuan's constant anger there.

  Ma Yun was constantly questioned by Yang Zhiyuan, with a smile on his face.

  After this plan was made, he knew that Yang Zhiyuan would definitely want him to talk about it.

   However, based on the actual situation, Yahoo Global has already bargained for Yahoo China’s valuation. Naturally, it is impossible for Yahoo to take advantage of the second time. In this way, the other two investors will also be dissatisfied.

  So Ari’s old shares were transferred, and he divided them into three, two to Vision Capital and one to SoftBank.

  The share given to Softbank is mainly to quell Sun Zhengyi’s dissatisfaction.

  Giving the two shares to Vision Capital is to help reduce the cost of holding shares.

  Ma Yun thinks that he has done impartially and has taken care of the interests of all parties.

  After Yang Zhiyuan finished his anger, Jack Ma slowly replied: “Yahoo’s US$1.08 billion funded by Yahoo China, which is valued at US$500 million, accounted for nearly half.

  If Yahoo China is excluded, Yahoo’s holding cost is actually not high. "

  Yang Zhiyuan naturally understands what Ma Yun is thinking. To put it plainly, he still thinks that Yahoo China is not worth 500 million US dollars.

  In the beginning, Yahoo China was valued at 700 million U.S. dollars, but it was alive and down to 500 million U.S. dollars.

  That’s all, now Jack Ma still wants to keep prices down.

  This made Yang Zhiyuan couldn't help it anymore, and retorted, "Then lower Ah Li's pre-investment valuation by US$500 million."

  The valuation of Yahoo China is serious, and the same is true for Ahri.

  So, Yang Zhiyuan turned on the mutual harm mode.

  Softbank does not inject capital into Ari, but only buys old stocks. This has nothing to do with them. Sun Zhengyi stayed aside to watch the excitement.

  Xia Jingxing is different. Yang Zhiyuan’s proposal is also extremely beneficial to Envision Capital, so he began to support Yang Zhiyuan: "Yes, I think Ari's valuation is 2.74 billion U.S. dollars, which is indeed too high, and 2.24 billion U.S. dollars is almost the same."

  Ma Yun gave Xia Jingxing a glance, and he couldn’t understand what he meant. Why are you here to join in the fun?

  He feels that he has taken care of the interests of Envision Capital, but the other party is still not satisfied.

  Xia Jingxing looked at Ma Yun’s questioning eyes and began to say his true purpose: "I think that 33% of the old stocks should be taken over by Envision Capital."

  Sun Zhengyi is not happy anymore, this is to use them!

  The old man couldn't sit still anymore and joined the "melee".

  A large-scale transaction, all kinds of wrangling are indispensable.

  Especially Ahri’s situation is more complicated, and the interests of all parties are entangled.

  Xia Jingxing and his team have evaluated Yahoo China and believe that it is worth 300 million US dollars at most.

  In addition, Yahoo will also give out 580 million US dollars, which adds up to 880 million US dollars.

   880 million US dollars, in exchange for 26% equity, a point cost 33.85 million US dollars.

  Vision Capital took out 727 million US dollars in exchange for 23% equity, a point cost of 31.61 million US dollars.

  The difference between the two is actually not that big, and it is Sun Zhengyi who makes him really uncomfortable.

  SoftBank is a big bargain.

  In the face of Xia Jingxing’s doubts, Sun Zhengyi compared with three fingers, “First, SoftBank has given up so much equity, everyone must compensate us;

  Second, Yahoo’s shareholding costs are high, and SoftBank’s interests are indirectly damaged.

   Third, the 27.453 million old stocks we bought accounted for 10.33% of the total equity before financing, and only 6.81% after financing dilution.

  This is not much. It seems that SoftBank has only spent $178 million in cash to get 20% of Ari's equity.

  That's because we currently hold 20% of Ari’s equity, and the $178 million of this is just to ensure that the equity is not diluted. "

  Sun Zhengyi said with good reason, and dispelled Yang Zhiyuan's idea of ​​going to Softbank to find losses.

  So, Yang Zhiyuan put his idea on Xia Jingxing, “Dalun, Envision Capital has taken over two-thirds of the transfer of old stocks. You have made too much profit. You should give us one-third.”

  Xia Jingxing has directly exploded. If one-third of the old shares are transferred to Yahoo, it means that Envision Capital will participate in the issuance of new shares.

  There is a valuation gap of US$1 billion.

  The most ideal plan he has envisaged is that Envision Capital will eat 33% of the old stocks at a cost of only 570 million US dollars.

  After the dilution of the 33% of the old stocks, there is still about 22%. Envision Capital will increase its holding of Ari's equity, and the total capital will be about 600 million US dollars.

  But everyone knows that the transfer of old stocks is a piece of fat, and they all want to share it.

  Xia Jingxing still think she hasn’t eaten enough? Yahoo still coming to grab food?

  So, he started to choke on Yang Zhiyuan.

  The negotiation scene was very chaotic.

  Yang Zhiyuan’s choice was not for Ma Yun. Xia Jingxing felt that Softbank was taking advantage, and Sun Zhengyi felt that his side had sacrificed a lot...

  In short, each has its own reasons, and they all want to gain greater benefits for their own side.

  The negotiation lasted for three days, and finally reached an agreement under the concession of Jack Ma’s team.

  Jack Ma’s team lowered Ari’s pre-investment valuation from US$2.74 billion to US$2.5 billion.

   raised 1.29 billion U.S. dollars, of which Yahoo China was valued at 500 million U.S. dollars, Taobao’s equity was valued at 360 million U.S. dollars, and the cash portion was 430 million U.S. dollars.

  The price paid by Yahoo, Yahoo China, 360 million US dollars to acquire the Taobao equity in Softbank, in addition to the need to inject 125.4 million US dollars in cash to Taobao.

  Compared with the original plan, there is almost no change, the only difference is the cash contribution.

  Originally required to invest 220 million US dollars in cash, now it is nearly 100 million US dollars less.

  And Yahoo still holds 26% of Ari’s equity, Yang Zhiyuan is very satisfied with this.

  SoftBank’s plan remains unchanged from the previous one.

   Still sold Taobao shares to Yahoo for 360 million U.S. dollars, and then Softbank invested 178 million U.S. dollars to acquire 10.33% of the existing stocks, increasing the shareholding to 30.33%.

   Next, Ari’s D round of financing will issue new shares to Yahoo and Vision Capital, and SoftBank’s 30.33% stake will be diluted again to 20%.

   One increase and one decrease, to return to the original shape.

  Vision Capital needs to first invest US$392 million to acquire 22.67% of old stocks from external shareholders.

  This is consistent with the previous plan.

  But the funds injected into Ari are more than 30 million US dollars less than the previous plan.

  Before, it was necessary to inject another US$335 million in cash into Ahri, but now it has become US$304.6 million.

  At the same time, the shareholding is still 23%, which remains unchanged.

  The harvest is not as big as Yahoo, but Xia Jingxing is basically satisfied.

   After all, the previous plan, Yahoo was really taken too much.

  Ma Yun team is the same as the previous plan, still holding 31% of the shares unchanged.

  In addition, Yahoo China will still inject the Ari system, and Taobao’s equity will also be recovered and become a wholly-owned subsidiary of Ari.

  The main change is reflected in the valuation. The pre-investment and post-investment valuations are less than US$200 million less than before.

  But sometimes valuation is not so important, especially when compared to "lizi".

  Cash, the previous plan was 555 million US dollars, now it has become 430 million US dollars, the gap is not very big.

  In the beginning, when Jack Ma’s team negotiated with Yahoo and Softbank, the two parties had to hold 69% of the shares in total, and also only left their team with 31% of the equity.

  And the plan at the time, in addition to injecting Yahoo China and Taobao equity into Ari, only another US$250 million in cash was injected into Ari.

  But because of the emergence of Xia Jingxing, Ari raised a full US$180 million in cash under the condition of selling the same amount of equity.

  In this regard, Jack Ma has no dissatisfaction.

  This is also the reason why their team gave in generously when the negotiations were deadlocked.

  In fact, all of this also comes from Cai Congxin's calculations.

   Deliberately put forward an exaggerated plan first, and then Ari’s management made a substantial concession to make Envision Capital and Yahoo feel "earned", thereby promoting the final transaction.

  In short, for the final plan, all parties have a scale in their hearts and feel that they have made a profit.

   is a happy ending!

  (End of this chapter)