Carlyle Agrees to Invest USD108 Million for 10 Percent Stake in Luolai Lifestyle Technology
Posted On: 19 Mar 2019 | Source(s): DEALSTREETASIA | Author(s): Nguyen Thi Bich Ngoc
Global alternative asset manager The Carlyle Group has agreed to acquire a 10 percent stake in Luolai Lifestyle Technology, a China-listed textile manufacturer and distributor, for CNY726 million (approximately USD108 million). Carlyle will purchase 75 million shares of Luolai at a price of CNY9.62 (USD1.43) per share from Shihezi Zhongbang Stock Investment Management Partnership and Xue Junteng, the son of Luolai’s co-founder. Under the terms of the deal, Carlyle will appoint a representative to Luolai’s board of directors and will be entitled to purchase an additional 20 percent stake in the company at a future date.