Telstra (ASX:TLS) has signed an underwriting agreement for the IPO of Chinese web property SouFun, in a deal valuing its holding at US$433 million ($462.8 million).
The company has signed an underwriting agreement, at US$42.50 per American depository share (ADS), with joint bookrunners Deutsche Bank Securities and Goldman Sachs Asia.
Telstra plans to sell its entire 50.6% holding in SouFun, a stake it purchased in 2006 for US$254 million.
The agreement values the whole of real estate website SouFun at US$850 million. TLS shares are today trading unchanged at $2.760.