Industry Newsroom

MBK Partners and Baring Private Equity Asia Lead the Acquisition of eHi Car Services for US$937.5 Million (Asia)

A consortium led by Asia-focused alternative investment firms MBK Partners and Baring Private Equity Asia has agreed to acquire China-based and New York Stock Exchange-listed car rental services company eHi Car Services at an implied equity value of US$937.5 million. The consortium will take the company private for a consideration of US$6.75 per common share or US$13.50 per American Depository Share. In addition to equity commitments from members of the consortium, which also includes Redstone Capital Management and existing shareholders L&L Horizon, The Crawford Group and Dongfeng Asset Management, the acquisition will be funded with a US$200 million loan facility from Morgan Stanley Senior Funding and Deutsche Bank’s Singapore branch. The transaction, which is subject to approval by shareholders and holders of senior unsecured notes issued by the company, is expected to close in the second or third quarter of 2018.