KKR to buy 10 pct of Qingdao Haier in biggest China deal to date

Reuters

HONG KONG, Sept 30 (Reuters) - KKR & Co LP hasagreed to buy a 10 percent stake in white goods maker QingdaoHaier, the two companies said on Monday, in the U.S.private equity firm's biggest investment in China to date.

The companies did not disclose the price KKR paid for theholding, but a person familiar with the matter said the firmpaid around $550 million.

For KKR, the deal allows the firm to invest in a companythat is inexpensive compared with its peers and is part ofChina's booming consumer market.

For its part, Qingdao Haier links up with a globalinvestment firm that can help the Chinese company expand beyondits local market.

Qingdao Haier, which makes and distributes washing machines,refrigerators, air-conditioners and other appliances, has amarket value of some $5.8 billion. Trade in its shares washalted on Sept. 12, pending an announcement.

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