US PE firm to put $200m in car-rental company

China Auto Rental Holdings Inc, the country's top car-rental provider, announced on Monday it has received $200 million from the US-based private equity firm Warburg Pincus LLC.

The amount, the largest equity financing seen to date in China's car-rental industry, follows the company's aborted attempt at holding an initial public offering in the Unite States earlier this year.

The investment is larger than what China Auto Rental had expected to raise through the IPO.

According to a statement sent to China Daily, Warburg Pincus will make the equity investment through its affiliate.

China Daily - Agencies