Investment firm PAG buys 51pc of Evergrande unit
Asia-focused investment firm PAG will acquire a 51 percent stake in Evergrande Property Services Group, a unit of debt-laden developer China Evergrande Group, for HK$4.03 billion, the two said in a joint announcement on Friday. The acquisition marks a major step in liquidators' efforts to sell assets and recover funds for creditors of China Evergrande, which received a combined US$46 billion in…
Asia-focused investment firm PAG has agreed to acquire a 51 percent stake in Evergrande Property Services Group, a unit of debt-laden developer China Evergrande Group, for HK$4.03 billion. The acquisition is part of efforts by liquidators to sell assets and recover funds for creditors of China Evergrande, which received a combined US$46 billion in creditor claims.
PAG's acquisition will remove uncertainty tied to the liquidation of China Evergrande and CEG Holdings, potentially strengthening market confidence. The deal is subject to Chinese antitrust approval and other conditions, and PAG will be required to make an unconditional offer for the remaining 5.3 billion shares after completion.
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