Business / Economy

Carlyle sells Haier stake for $285m

By YAO JING ( Updated: 2014-01-21 21:51

Private equity firm Carlyle Group raised $285 million through selling its stake in Chinese home appliance producer Haier Electronics Group, according to The Wall Street Journal.

Carlyle offered 100 million shares in Haier with HK$22.10 ($2.85) per share on Friday, which was a 9.6 percent discount compared with Friday's close.

The agreement prohibits Carlyle from selling its retained shares in Haier for 90 days.

Carlyle agreed to buy 9 percent of Haier through convertible bonds in 2011, and Haier's stock price doubled in three years.

In the first half of 2013, Haier's revenue increased 10 percent to 28.98 billion yuan ($4.8 billion), and its net profit saw a year-on-year increase of 15 percent.

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