HONG KONG, China - A group of Chinese investors including China National Chemical Corp (ChemChina) have reportedly agreed to buy KraussMaffei Group GmbH for 1.01 billion dollars, in the biggest-ever Chinese investment into Germany.
The group, is said to have included Guoxin International Investment Corp and private equity firm AGIC Capital.
Reuters data have revealed that the amount surpassed the previous record for Chinese investment in Germany set in 2012 when construction firm Sany Heavy Industry Co Ltd bought concrete pump maker Putzmeister Holding GmbH for $698 million.
Reports added that the deal also marked the most recent example of Chinese firms looking to improve technology, know-how and branding with overseas acquisitions.
Henry Cai, a former China dealmaker at Deutsche Bank and UBS that launched AGIC Capital in 2015 has been reported to have said, "We see big opportunities in industrial development, particularly in intelligent manufacturing."
For ChemChina, the deal has reportedly come after a 7.3 billion euro purchase last year of tyre manufacturer Pirelli SpA and talks to buy Swiss agrichemicals group Syngenta AG.
Onex has said in a statement that the KraussMaffei transaction is likely to close in the first half of 2016 subject to regulatory approval.
The Canadian firm bought KraussMaffei from U.S. investor Madison Capital in 2012 in a 568 million euro deal.
Henry also added in news statements that the investment is the first for AGIC, which launched its initial fund in March and raised $500 million by August with a target to raise another $500 million in coming months before a final close.
Big News Network.com
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