China-focused private equity firm Hony Capital and home appliance retailer Suning Commerce, one of Hony’s portfolio companies, will purchase a controlling interest in China-based online TV provider PPTV for US$420 million, valuing PPTV at approximately US$568 million. Suning will pay US$250 million to buy a 44 percent stake in PPTV, becoming the largest shareholder, while Hony will invest the remaining US$170 million through two vehicles, Exalt Spring and Virtue Faith Holdings. Several venture capital firms are expected to exit through the transaction, including Softbank China Venture Capital, Bluerun Ventures and Draper Fisher Jurvetson. The deal is subject to regulatory approval.