SoftBank Group Corp., KKR & Co. and General Atlantic plan to make a giant investment in fast-rising Chinese internet player Bytedance, according to people familiar with the matter, a deal that could make it the world’s biggest startup.
The latest round may value Beijing Bytedance Technology Co., parent of news aggregator Toutiao and video sensation Tik Tok, at around $75 billion before investment, said the people, who requested not to be named because the matter is private. SoftBank is initially targeting an investment of about $1.5 billion though it’s unclear how big its final check will be, the people said. While KKR and General Atlantic have led discussions, the people added, SoftBank could play a much bigger role if its investment approaches the outsized amounts it’s known for.
