Deals
Hillhouse Wins $7.5 Billion Stake in China Air Con Giant
- Investment fund beats out Hopu group in winning 15% stake
- Share-sale plan dovetails with government reform initiative
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An investment fund backed by Hillhouse Capital won a bid to acquire a 15% stake in Gree Electric Appliances Inc., China’s largest air-conditioner maker, from its government-owned parent in a deal with an estimated value of $7.5 billion.
A review board selected Hillhouse-backed Zhuhai Mingjun over a consortium led by buyout firm Hopu Investment Management Co., Gree Electric said in a statement Monday.