New Horizon, Gimv agree sale of Punch Powertrain to China's Yinyi
Several PE investors, including China’s New Horizon Capital and Europe-focused Gimv, have agreed to sell Belgium-based Punch Powertrain to Chinese real estate developer Yinyi Group at a valuation of around EUR1 billion ($1.1 billion).
Punch, which pioneered continuously variable transmission (CVT) technology in the 1970s, already has a strong position in the Asian automotive market and supplies a host of Chinese manufacturers such as...
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