Hillhouse to acquire a 15% stake in Gree Electric Appliances from state-controlled Gree Group for $7.5bn.

Hillhouse Capital won a bid to acquire 15% stake in Gree Electric Appliances, China's largest air-conditioner maker, from its government-owned parent Gree Group for $7.5bn. A review board selected Hillhouse over a consortium led by buyout firm Hopu Investment Management. Hillhouse vowed to maintain Gree Electric's management stability in its offer.