Perfect World is no longer a publicly traded company, as founder Michael Yufeng Chi made a deal to take the company private.

Chi will take over Perfect World by merging it into a new company, Perfect Peony Holding Co., which is located in the Cayman Islands. Current investors will receive $4.04 a share as part of the buyout. The deal is made possible by a $900 million loan from a Chinese bank, is approved of by the board, and will go forward later in 2015.

Perfect World Entertainment, the game division of Perfect World, recently made the headlines due to a series of layoffs worldwide.

[Source: Washington Post . Thanks to Paraxes for the tip!]