KKR to buy 10 pct of Qingdao Haier in biggest China deal to date
HONG KONG, Sept 30
HONG KONG, Sept 30 (Reuters) - KKR & Co LP has agreed to buy a 10 percent stake in white goods maker Qingdao Haier, the two companies said on Monday, in the U.S. private equity firm's biggest investment in China to date.
The companies did not disclose the price KKR paid for the holding, but a person familiar with the matter said the firm paid around $550 million.
For KKR, the deal allows the firm to invest in a company that is inexpensive compared with its peers and is part of China's booming consumer market.
For its part, Qingdao Haier links up with a global investment firm that can help the Chinese company expand beyond its local market.
Qingdao Haier, which makes and distributes washing machines, refrigerators, air-conditioners and other appliances, has a market value of some $5.8 billion. Trade in its shares was halted on Sept. 12, pending an announcement.