Chinese Auto Seller Pays $305M For PE Firms' Luxury Car Lots

Law360, New York (September 4, 2012, 6:34 PM EDT) -- Private equity firms Pangaea One and Apollo Global Management LLC on Wednesday turned over their shares in luxury Chinese auto dealership NCGA Holdings Ltd. to Shanghai-based Baoxin Auto Group Ltd. in a deal that values the company at $305.4 million, according to a stock filing.

The private investors' exit gives Baoxin full control of NCGA's empire, which will soon encompass 12 high-end car dealerships in the northeastern and northwestern regions of China, including in Beijing, according to a disclosure the buyer made Thursday to the Hong...
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