GVS takes stake in Facebook, valuing it at $70 billion

Reuters News
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Posted: Jun 27, 2011 9:45 AM

NEW YORK (Reuters) - Investment fund GVS Capital Corp has taken a small stake in Facebook that values the world's No. 1 social networking site at about $70 billion.

The investment fund said on Monday it bought 225,000 shares in Facebook at an average price of $29.28 per share.

Facebook has roughly 2.4 billion outstanding shares, according to the latest data from secondary market company Sharepost.

Facebook executives have said it is inevitable that they will take the company public but have not specified a date.

At $70 billion, Facebook would be valued slightly below Amazon.com Inc, Cisco Systems Inc or Hewlett-Packard Co.

The Woodside, California-based GVS Capital invests in high growth, venture capital backed companies.

(Reporting by Jennifer Saba, editing by Gerald E. McCormick)