Galaxy no longer stars in IP Group fundraising

Aug 18, 2017 •

China-based internet company Beijing Galaxy World Group has pulled out of a $30m commitment to UK-based commercialisation firm IP Group’s £207m ($264m) fundraising effort, the Telegraph reported yesterday.

Galaxy Group failed to obtain regulatory approval from Chinese authorities amid a crackdown on foreign investments in the People’s Republic. The deal had been expected to close no later than today.

Founded in 2005, Galaxy Group was hoping to cooperate with IP Group to identify co-investment opportunities and to explore collaborations in…

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