BAIC Group to acquire a 28.9% stake in Car from Ucar and Warburg Pincus for $244m.

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.