Investcorp, a Bahrain-based alternative asset manager, announced on Tuesday that it has entered into an agreement alongside China Resources Capital Management (CR Capital) to acquire a majority stake in Hong Kong’s premium supermarket chain City Super Group.
Existing shareholders, including Fenix Group and the Lane Crawford Joyce Group (LCJG), will continue to hold a 35 per cent stake in City Super Group. The transaction is subject to China’s merger control approval and is expected to close in the fourth quarter of 2020.
