Carlyle sues ATM firm over missed IPO

Carlyle Group LP funds are taking legal action against Chinese automated teller machine company ATMU Inc, claiming to be owed $368.9 million after ATMU allegedly missed a four-year deadline for an initial public offering.

The Hong Kong-based Carlyle Asia Growth Partners IV and CAGP IV Co-investment filed a winding-up petition against ATMU in the Grand Court of the Cayman Islands this month, seeking to recoup their investments. The Chinese company was incorporated in the Caymans in 2006, according to the legal document.

The legal filing comes six years after Carlyle Asia Growth Partners IV announced that it was investing in ATMU, which private equity firm Carlyle described that year as China's "largest independent automated teller machine operator and service provider".