Carlyle Group buys Chinese SOE

Private equity firm gains majority control of construction machinery manufacturer.

Global private equity firm The Carlyle Group today October 25 signed a definitive agreement to pay $375 million for 85% of Xugong Group Construction Machinery Co XCMC, China's largest construction machinery manufacturer.

The deal represents the first time a leading SOE has sold such a high level of control to a private equity firm and was executed at two times net asset value NAV. This means it comfortably cleared a government set hurdle that...

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