Carlyle sells $285m in Haier shares

A partial exit from the HK-listed business comes after an interim close for its Asia fund. 

The Carlyle Group has sold 100 million shares in Haier Electronics Group, a Hong Kong listed electronic appliances business, according to disclosures with the Hong Kong Stock Exchange.

The sale priced at HK$22.10 (€2.1; $2.85) per share, with the total deal reaching $285 million, a reported 9.6 percent discount from its closing price on Friday.

Carlyle invested in the business in August 2011 from its Carlyle Asia Partners III fund, acquiring roughly $195 million worth of convertible bonds and warrants, according to an earlier company statement. Carlyle declined to give additional comment beyond the disclosure. 

Carlyle had owned 240 million shares or 9.44 percent in Haier, according to Haier’s 2013 interim report, meaning it has divested just under half of its shares in the business.

Haier’s parent company has also attracted other private equity players.

In October, Kohlberg Kravis Roberts said it would acquire a 10 percent stake in Shanghai-listed Qingdao Haier, the holding company of Haier Electronics Group, PEI reported earlier.

Financial terms were not disclosed. However, earlier reports put the deal at $550 million, citing sources familiar with the matter.

Carlyle’s exit comes just days after it filed a Form D with the US Securities and Exchange Commission, confirming it had raised $1.58 billion toward its fourth Asia fund. Carlyle Asia Partners IV is targeting $3.5 billion and made a first close on $700 million in December 2012, PEI reported earlier.