Hillhouse wins US$7.5bil stake in Gree Electric

Workers assemble air conditioners at a factory of Gree Electric Appliances in Wuhan in central China's Hubei province. - EPA filepic

SHANGHAI: An investment fund backed by Hillhouse Capital won a bid to acquire a 15% stake in Gree Electric Appliances Inc, China’s largest air-conditioner maker, from its government-owned parent in a deal with an estimated value of US$7.5bil.

A review board selected Hillhouse-backed Zhuhai Mingjun over a consortium led by buyout firm Hopu Investment Management Co, Gree Electric said in a statement Monday.