Shandong Heavy invests $922m in PE-backed Kion
Weichai Power, a Chinese automotive and equipment manufacturer owned by Shandong Heavy Industry, will invest EUR738 million ($922 million) in Kion, the German forklift truckmaker backed by KKR and Goldman Sachs. It is the largest Chinese direct investment in Germany to date.
The investment will be separated into two parts: EUR467 million to acquire a 25% stake in Kion via a capital increase, and the remaining EUR271 million for a 70% interest in Kion's hydraulics business....
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