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Linklaters has advised Carlyle Group on its recent investment into Hong Kong-listed Haier Electronics, with the Chinese company turning to longstanding counsel DLA Piper.
Carlyle Group has agreed to invest $137m (£89m) through convertible bonds and warrants into Haier Electronics, a subsidiary of China’s largest white goods maker Haier Group.
The deal provides Haier with extra flexibility for strategic investments in the next few years. In return, Carlyle will hold a 9 per cent stake in the listed company. It is the second time a major US private equity firm has invested in a Chinese electronics retail business.
In 2009 Kirkland & Ellis advised Bain Capital on its $412m investment in Hong the Kong-listed Gome Electrical Appliances, which was advised by Sidley Austin.
The DLA Piper team acting for Haier was led by Hong Kong-based partner Jeffrey Mak, while Linklaters’ Carlyle team was led by partners Peggy Wang and Christopher Kelly.
“The deal may be regarded as innovative, especially in terms of realising the needs of both parties in the context of the rapidly changing domestic consumption industry in China,” said Mak. “Chinese companies have been increasingly using their Hong Kong-listed entities to raise funds from foreign investors.”
Haier Group has been eyeing international expansion and domestic M&A recently. It is reportedly planning to list its entire white goods business in Hong Kong, with DLA Piper on standby to provide advice.