Private equity firms Hammer Capital, Snow Lake, and Tencent Holdings, agreed to acquire Bitauto Holdings, a provider of internet content and marketing services, and Yixin Group, a subsidiary of Bitauto, an online automobile finance transaction platform in China, for $1.1bn in cash. The buyout offer is the latest sign of the Chinese tech giant's determination to plough ahead with further expansion at a time when the Chinese economy is slowing and it is rich with the profits of a decade-long economic boom. The transaction is currently expected to close in the second half of 2020 and is subject to customary closing conditions.