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Carlyle Group Becomes Investor in Haier Electronics
Aug 26, 2011
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Haier Electronics Group Co., Ltd., maker of major appliances including washing machines and water heaters, completed an investment agreement with Carlyle Asia Partners III, L.P., a wholly owned subsidiary of the Carlyle Group, which will give Carlyle an interest in Haier. Carlyle will acquire 100,000,000 convertible bonds with a principal amount of HK$1,067,000,000 and 40,000,000 warrants at HK$11.20 per warrant.

Assuming full conversion of the convertible bonds and full exercise of the warrants, Carlyle Asia would hold approximately 5.65% of Haier Electronics' issued share capital.

Haier's statement said that, "Although the Group has sufficient cash balances, a certain portion of such cash balances is from operating working capital, and therefore would not be available for making long term investment. The integrated channel services business related investment, development of logistics centres, acquiring regional networks and the development of ecommerce as well as other related investment require significant upfront cash outflow. The completion of the investment agreement would provide the Group with necessary and sufficient flexibility in making strategic investments in the future three years."

Ms. Janine Junyuan Feng was appointed as a Haier Electronics non-executive director. Ms. Feng is a Managing Director of the Carlyle Group and has extensive experience in direct investments in the PRC.

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