Source: Xinhua Finance Media
Xinhua Finance Media ("XFMedia"; NASDAQ: XFML), China's leading diversified financial and entertainment media company, today announced that The Yucaipa Companies ("Yucaipa"), an investment firm with holdings in Asia, Europe and the Americas, has signed an agreement to purchase a block of existing shares from certain shareholders who have come out of IPO lockup.
David Olson, a Yucaipa partner, has agreed to join the board of XFMedia as an independent director in connection with the transaction.
The Yucaipa Companies is a premier investment firm that has established a record of fostering economic value through the growth and responsible development of companies. Since its founding in 1986, the firm has completed mergers and acquisitions valued at more than $30 billion. As an investor, Yucaipa works with management and contributes at the board level. Mr. Olson will bring to XFMedia broad transaction experience in Asia. Prior to becoming a Yucaipa partner, he was Chairman and CEO of Donaldson, Lufkin & Jenrette's Asia Pacific region and Credit Suisse First Boston's Chairman of Investment Banking, Asia Pacific.
Fredy Bush, CEO and Chairman of Xinhua Finance Media, said, "the addition of David as an independent board member will increase the strength of our corporate governance and strategic development. We are thrilled to be forging this new relationship with a world-class firm like Yucaipa."