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KKR Buys Stake in China Appliance Maker for $552 Million

KKR & Co. agreed to buy a 10 percent stake in appliance maker Qingdao Haier Co. for 3.38 billion yuan ($552 million), the New York-based private-equity firm’s biggest investment in China.

The Shanghai-listed unit of China’s largest appliance maker is selling 299.5 million shares at 11.29 yuan each to KKR in a private placement, the company said in a statement posted to the Shanghai Stock Exchange yesterday. That’s a 15 percent discount to the price on Sept. 12, the last day before Qingdao Haier suspended share trading pending an announcement.