Carlyle Group, the global asset manager, plans to invest about $115 million for a 18.5 percent stake in Chinese financial leasing company JIC Leasing Co Ltd.
Subject to customary closing conditions, the transaction is expected to go through in the second half of this year.
Founded in 1989, JIC Leasing is a subsidiary of China Jianyin Investment Ltd and is involved in information technology, advanced equipment manufacturing, healthcare and alternative energy. It has enjoyed significant growth in recent years.
"Carlyle is excited to participate in the reform of a State-owned enterprise in an attractive sector with strong growth momentum," Wayne Tsou, managing director and co-head of the Carlyle Asia growth capital team, said. "We are impressed by JIC Leasing's management team and its winning strategy."
Chen Youjun, board chairman of JIC Leasing, said the deal will help the company expand overseas. "We are pleased to partner with Carlyle to further grow and diversify our business at home and abroad," Chen said. "JIC Leasing expects to benefit from Carlyle's international brand equity, global resources and strong industry expertise in the financial sector."
Carlyle has invested about $5.9 billion in China as of March 31, 2015.
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