KKR to partially exit Chinese car dealership

US-based private equity firm KKR & Co LP has entered an agreement to partially exit from car dealer China Greenland Rundong Auto, which will see the company’s founder regain a majority stake, according to a regulatory filing.

The private equity investor will sell 168 million convertible preference shares of the portfolio company to its founder and chairman Yang Peng, for a total consideration of HK$592.6 million.

KKR invested $100 million in the dealership operator in 2010.

Therefore, KKR’s holding in the car dealership will drop from 27.1 per cent to only 7 per cent post the completion of the share conversion. The target completion date for the exit is slated on August 5.

Meanwhile, real estate developer Greenland Holding Group, the major shareholder at Greenland Rundong Auto, has completed the sale of approximately 284 million shares to Peng and his affiliates in a HK$2 billion deal on June 27, the disclosure said.

The shares represented a 30 per cent interest the property firm was holding in Greenland Rundong Auto that it acquired from the KKR-backed venture last year. The acquisition value reached HK$1.55 billion.

Also read:

India: KKR looks to exit specialist tyre maker Alliance Tire

PE firm KKR makes full exit from Vietnam’s Masan Consumer

Australia’s First State Investments to buy French infra co Coriance from KKR

China’s Fosun makes offer to buy India’s KKR-backed Gland Pharma

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.