By Chris Wack 



  Bitauto Holdings Ltd. said Friday it is being acquired by an investor consortium led by Morespark Ltd., an affiliate of Tencent Holdings Ltd. and Hammer Capital Opportunities Fund LP in an all-cash transaction that values the company's equity at $1.1 billion. 


  Bitauto said each of its ordinary shares will be cancelled and cease to exist in exchange for the right to receive $16 in cash without interest, and each outstanding American depositary share will be cancelled in exchange for the right to receive $16 in cash without interest. 


  The merger consideration represents a premium of 16.4% to the closing price of the company's ADSs on Sept. 12, 2019, the last trading day prior to the company's announcement of its receipt of the "going-private" proposal. 


  The merger is currently expected to close in the second half of 2020. If completed, the merger will result in the company becoming a privately held company, and its ADSs will no longer be listed on the New York Stock Exchange. 


  Bitauto shares up 9%, to $15.65, in premarket trading. 


  Write to Chris Wack at chris.wack@wsj.com