Chinese Hunt for U.S. Films, Fridges Drives Record Deals: Chartby
Qingdao Haier Co.’s purchase of the General Electric Co. home-appliances business was notable not just for the $5.4 billion price it offered to beat rivals. It also helped make January a record month for Chinese acquisitions in the U.S.
China’s private enterprises are rushing to get deals signed before taking off for the Lunar New Year holidays in early February. Billionaire Wang Jianlin’s Dalian Wanda Group Co. agreed to spend $3.5 billion to take over the Legendary Entertainment production house, while Chinese game developer Beijing Kunlun Tech Co. said earlier this month it will purchase a controlling stake in Los Angeles-based Grindr, the world’s biggest gay social-networking app.
The January deals mean the first quarter is already a record for announced Chinese purchases in the U.S.