Carlyle to sell stake in China’s Haier Electronics – IFR

(Reuters) – Private equity firm Carlyle Group is seeking to raise up to $290 million by selling a stake in Chinese home appliance maker Haier Electronics Group Ltd, IFR reported on Friday, citing a term sheet of the deal.

Carlyle is offering 100 million shares in Haier Electronics in a range of HK$22.00-$22.50 each, reflecting an up to 10 percent discount to Friday’s close, IFR, a Thomson Reuters publication said.

The stock has doubled since July, and closed up 8.4 percent on Friday to its highest since 1999, the report added.

Carlyle took a 9 percent stake in Haier Electronics in 2011 for $137 million, with an option to invest another $57 million through convertible bonds and warrants. Carlyle has a 90-day lock-up on the residual shares held under those agreements, according to the report.

Goldman Sachs Group is sole bookrunner.