TPG Asia, the Asian arm of private equity firm Texas Pacific Group, has agreed to buy Rmb550 million ($80 million) worth of convertible bonds in Chinese shoe manufacturer and retailer Daphne International Holdings, which will give it a 9.8% stake in the company once fully converted. The deal also includes 100 million warrants, and if they too are exercised, TPG's holdings will increase to 14.5%.
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