Affinity Equity Partners, an Asian-focused private equity fund, has clinched a buy-out in China in a rare takeover of a mainland company by an overseas investor.
Almost all overseas private equity investment in to China is in the form of minority investments, amid shareholder reluctance to yield control of fast-growing companies and nationalist caution about approving foreign-led takeovers.
However, according to people familiar with the matter, Affinity has secured approval to acquire 94 per cent of Beijing Leader & Harvest Electric Technologies, the country's leading supplier of devices that improve the energy efficiency of electric motors.
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