automobiles
PE-backed China Yongda returns with scaled down IPO
China Yongda Automobile Services has re-launched its IPO a month after pulling out of the Hong Kong listing due to weak market demand. The company has reduced its price to HK$6.60 per share, down from a range of HK$7.60-10.80, and cut the size of the...
VCs park their cash in Indian taxi firms
Venture investment in Indian taxi companies is no new phenomenon, but the profile of the firms which are commanding capital appears to be changing
Hero MotoCorp to merge with Bain, GIC-backed investment arm
Hero MotoCorp, India's largest two-wheeled vehicle manufacturer, approved a proposal to merge the investment arm of its parent company - Hero Investments - into the automaker. Private-equity funds Bain Capital and the Government of Singapore Investment...
Baring-backed Yongda abandons Hong Kong IPO
China Yongda Automobile Services, the leading BMW dealership in China, has shelved its $433 million Hong Kong IPO due to weak equities markets. It is the biggest listing to be withdrawn in Asia this year.
CVC to cut Formula One stake to 30% after Singapore IPO
CVC Capital Partners will reportedly reduce its shareholding in Formula One to around 30% following the motor racing business’ planned IPO in Singapore, which aims to raise up to $3 billion.
CVC sells $1.6b stake in Formula One ahead of Singapore IPO
CVC Capital has sold a $1.6 billion stake in Formula One Group to BlackRock, Waddell & Reed and Norges Bank Investment Management ahead of its planned IPO in Singapore.
Baring backs Yongda Auto IPO
Baring Private Equity has become a cornerstone investor in the IPO of China Yongda Automobile Services, the number-one BMW dealer in China. The company could raise up to $435 million through a listing in Hong Kong.
General Atlantic raises $129m through Zhongsheng sale
General Atlantic completed its third partial exit from Zhongsheng Group, a Chinese luxury car dealer, raising $129 million. The private equity firm sold 65 million shares at HK$15.33-15.54 apiece, representing a discount of up to 4.3% on the previous...
OCBC subscribes to Tonglin Precision Parts bond
Singapore-based OCBC Bank, the second largest financial group Southeast Asia, has subscribed to a convertible bond issued by China’s Tonglin Precision Parts (TPP) via its mezzanine arm.
Craftsman Automation seeks $20m from PE investors
Coimbatore-based auto component manufacturer Craftsman Automation is in talks with private equity investors to raise a corpus worth between INR850 million and INRI billion.
Gaja backs Indian auto sales network
Gaja Capital Partners has committed INR850 million ($17.3 million) to Carnation Auto, India’s largest independent multi-brand auto sales and service network. The capital will be used to consolidate Carnation’s service business and expand its secondhand...
Kotak PE invests $25m in Minda Corporation
Kotak Private Equity Group (KPEG), part of Kotak Mahindra Group, has reportedly invested INR1.25 billion ($25 million) for a minority stake in automotive component firm Minda Corporation.
Bain, Unitas consider $400m Prestolite SBO
Bain Capital and Unitas Capital are said to have submitted second round bids to purchase China-focused motor manufacturer Prestolite Electric from First Atlantic for around $400 million.
Actis invests $71m in India’s Endurance Technologies
Emerging markets investor Actis has invested INR3.7 billion ($71 million) in Endurance Technologies, one of India’s largest privately held auto component manufacturers.
Saab ends investment agreement with Chinese firms
Swedish Automobile has terminated an agreement to sell a majority stake in Saab to two Chinese companies, leaving the carmaker reliant on a $70 million commitment from US private equity firm North Street Capital to cover its immediate expenses.
VCs monetize energy efficiency
Chinese government incentives to firms operating in the energy-efficient vehicles industry have been generous. Is there a catch?
Standard Chartered backs South Korea’s Daelim Motor
Standard Chartered Private Equity (SCPE) has agreed to invest $61 million in Daelim Motor, South Korea’s leading motorcycle and auto parts manufacturer. The private equity firm will take a stake of unspecified size by subscribing to new shares in the...
Nisshinbo buys Germany's TMD Friction from Pamplona Capital
London-based PE firm Pamplona Capital Management has exited its stake in German friction materials manufacturer TMD Friction to Japanese auto component maker Nisshinbo Holdings (NISH) for an undisclosed sum.