TOKYO/SYDNEY - Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second largest economy hit a nine-month low.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Carlyle to take stake in Turkish lingerie maker Penti
LONDON (Reuters) - Private equity firm Carlyle (CG.O) is to take a minority stake in Penti, as Turkey's largest maker and retailer of lingerie and swim wear looks to expand internationally.
The size of the stake and the value of the investment were not disclosed, though some Turkish press reports have placed a value of about $450 million on Penti.
The investment will be Carlyle's seventh from its dedicated Middle East and North Africa fund, a $500 million pool of capital for minority investments and buyouts across the region.
Istanbul-based Penti has a 45 percent share of Turkey's hosiery market and is one of Europe's largest makers of underwear and swimwear.
The company, which has 155 stores across Turkey and 39 stores in 16 other countries, is looking to expand internationally.
The deal is expected to close in early November, Carlyle said in a statement on Wednesday.
The investment underlines Turkey's attractiveness to private equity investors, who are drawn by its large, youthful population and growing wealth.
Carlyle beat rival private equity groups including Bridgepoint BRDG.UL, CVC CVC.UL and Global Investment House to invest in Penti.
(Reporting by Simon Meads; Editing by David Holmes)
- Tweet this
- Share this
- Digg this