Southeast Asian tech giant Sea disbands investment arm
Business & Finance
01 June 2023, 5:50 pm 1 minute
Reuters exclusively reported that Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations.
Sea’s decision to close the two-year-old arm comes as technology investors – both funds and firms – have held back on investing amid higher interest rates and while economies struggle for growth as they recover from the COVID-19 pandemic. Globally in the tech sector, mergers and acquisitions backed by private equity have totalled $78 billion so far this year, down 35% from the same period last year, Refinitiv data showed. Sea’s share price has risen 10% so far this year, compared with a decline of about 2% in the benchmark NYSE composite index (.NYA).
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story