Announced
Financials
Sources
Tags
Acquisition
Pending
Public
car rental service
car rental services
Rental Services: Consumer
China
Single Bidder
Friendly
Minority
Private Equity
Synopsis
BAIC Group, an automobile and machine manufacturer, agreed to acquire a 20.9% stake in Car, an auto rental service provider, from Ucar, a provider of automobile electronic commerce platform services, and an 8% stake from Warburg Pincus, for $244m. The deal will make BAIC the largest shareholder of Car. Ucar will exit the company, and Warburg Pincus will become the third-largest shareholder with a 6.7% stake.
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