Private equity firm Texas Pacific Group and China's Legend Holdings will invest $213 million for an 11% stake in Hong Kong-listed Chinese retail chain Wumart Stores.
Both investors are buying a combination of H-shares and domestic shares. TPG will route the investment through TPG Asia. Legend Holdings is a Chinese investment company which owns a controlling interest in Chinese computer firm Lenovo. Legend is routing its investment through investment companies Hony Capital and Fit Sports.
Wumart is raising HK$1.1 billion ($141.9 million) through the issue of H-shares. TPG is buying 84.5 million worth of H-shares for HK$930 million. TPG will own a 6.17% stake in the fully enlarged capital of Wumart, post both the H-share and domestic share issues. Legend is buying 15.4 million H-shares, representing a 1.13% stake, for HK$170 million.
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