KKR inks definitive agreement to buy a 10% stake in Qingdao Haier
Global investment company Kohlberg Kravis Roberts (KKR) signed a definitive agreement to purchase a 10% stake in home appliance maker Qingdao Haier. No financial details were given about the transaction. In a press release, KKR said the agreement marked a long-term strategic partnership for both companies to work together on various areas.
The China Market Monitor revealed that Qingdao Haier had been a consistent leader in home appliance categories. These include refrigerators, airconditioners and washers. Qingdao Haier Chairman Liang Haishan welcomed the investment. Haishan said, "KKR's investment is a strong endorsement of our past achievements and future potential. We believe KKR's global resources, operational expertise and experienced local team will help Qingdao Haier to further strength its market leadership position on a global basis."
KKR, which has USD 83.5 billion in assets under management, said the acquisition would help Qingdao's expansion. KKR Greater China CEO David Liu said, "Qingdao Haier is one of the most respected Chinese companies with a market leading position, an outstanding historical track record and an outstanding management team."