PE-backed Alibaba, Haier to launch logistics JV
PE-backed Alibaba Group will invest a total of HK$2.8 billion ($360 million) in Haier Electronics Group, a Hong Kong-listed subsidiary of Chinese home appliance maker Haier Group, to expand its logistics and distribution network. Haier Electronics is backed by The Carlyle Group.
Of the total amount, HK$1.86 billion will be invested to establish a joint venture, known as Goodaymart, according to a statement. Alibaba will pick a 9.9% stakes of Goodaymart for HK$541 million. It...
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