China Baoxin Auto to buy PE-backed NCGA for $305m
Hong Kong-listed China Baoxin Auto has agreed to pay $305 million for NCGA Holdings, a Beijing-based high-end car dealership owned by the Citigroup, Apollo Global Management and Pangaea One.
The transaction will be settled through a combination of cash, bonds and shares, Baoxin said in a filing to the Hong Kong Stock Exchange, adding that the deal is still subject to conditions. NCGA will become a wholly-owned subsidiary of Baoxin upon completion.
The acquisition is expected to add eight BMW/Mini dealerships, two Jaguar and Land Rover dealerships, one Porsche and one Volvo dealership to Baoxin's operations. NCGA also owns eight showrooms. In 2011, the company recorded net profits of $6.6 million, down 80% year-on-year.
Other recent transactions in China's automobile space include Warburg Pincus' $200 million investment in China Auto Rental in July. The company, which abandoned plans for a $138 million IPO on NASDAQ in May, previously received a RMB1 billion ($156.6 million) strategic investment from Legend Holdings in 2010.
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