XIACY - Joyy gains on report of potential deal to take company private

Joyy Inc. (NASDAQ:YY) rose 6% in premarket trading on a report that the company's top two holders plan to to take the company private in a deal that value the streaming company at about $8B. Joyy (YY) Chairman David Li and and Xiaomi (OTCPK:XIACY) founder Lei June plan to offer $75-$100/share fore the company,  according to a Reuters report, which cited people familiar. The holders expect to finalize a deal by the end of the year. The potential buyers are expected to spin off Joyy's main asset Bigo and list it public in Hong Kong, according to the report. Last year, Baidu (NASDAQ:BIDU) agreed to buy JOYY's China live streaming business for $3.6B.

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Joyy gains on report of potential deal to take company private