Harbin Electric has agreed to be taken private by Chief Executive Tianfu Yang in a deal valuing the company at $750 million, Reuters reported. As part of the deal, Harbin will merge with Tech Full Electric Company owned indirectly by CEO Yang. Yang, along with private equity firm Abax Global Capital, had made a $24 per share offer to take Harbin private last October, Reuters wrote.
(Reuters) – Harbin Electric agreed to be taken private by Chief Executive Tianfu Yang in a deal that values the company at $750 million.
Under the agreement, Harbin will merge with Tech Full Electric Company Limited owned indirectly by CEO Yang.
CEO Yang, along with private equity firm Abax Global Capital, had made a $24 per share offer to take Harbin private last October.
Shares of Harbin were trading at $13 before the markets opened on Monday. They had closed at $8.39 on Friday on Nasdaq.
(Reporting by Divya Sharma in Bangalore; Editing by Joyjeet Das)
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