China's Hony in $350m Santos stake acquisition

Beijing-based Hony Capital is buying an additional 6.5% stake in Santos for A$500m as part of the Australian oil and gas producer's broader efforts to shore up its balance sheet.

China's Hony in $350m Santos stake acquisition

Hony Capital, the Beijing-based private equity firm backed by financial-to-computer conglomerate Legend, has agreed to increase its minority stake in indebted Australian oil and gas producer Santos for A$500 million $352.8 million.

In a filing with the Australian stock exchange, Santos said on Monday that Hony will subscribe to 73.53 million of its shares at A$6.8 per share to help cut the company's debt and shore up its balance sheet.

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