US acquisition vehicle buys Bright World

China Holdings Acquisition Corp buys a controlling stake in the Singapore-listed, China-based machinery manufacturer, precipitating an offer to minority shareholders.

China Holdings Acquisition Corp CHAC has acquired World Sharehold's 77.4% stake in Singapore-listed Bright World Precision Machinery and will make an offer to minority shareholders for the remaining shares.

The deal is expected to be completed in the fourth quarter of 2008 and values 100% of Bright World at about $263 million. The transaction is being completed at a multiple of 14.6 times the estimated Ebitda for 2008.

Bright World is headquartered in Danyang City in China's Jiangsu Province and...

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