Gome takes advantage of rally to sell shares and CBs
As part of the transaction, Warburg Pincus trims its stake in Gome by more than half but keeps its seat on the board.
Gome Electrical Appliances on Friday raised $787 million from a combined top-up placement and convertible bond, which will be used to pay for further expansion and potential acquisitions of more store fronts. At the same time, Warburg Pincus took the opportunity to cash in part of the profit it has made since it bought into the Hong Kong-listed home electronics chain just over a year ago.
The private equity firm sold $155 million worth of shares, or just over half...
To continue reading, please login or register for free