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Goldman Sachs PE arm eyes $315m from full exit of China’s Geely Automobile

8 Oct 2013

Geely carGoldman Sachs’ private equity arm Principal Investment Area is reportedly looking to raise up to $315m by selling shares in China’s Geely Automobile.

The firm plans to sell 578 million shares at between HK$4.10 and HK$4.23 each according to a term sheet seen by the Wall Street Journal, a discount of between four and seven per cent on its Tuesday closing price.

Goldman initially bought a 12 per cent stake in Geely for $245m in September 2009, and also picked up convertible bonds and warrants to boost its shares further.

The firm raised about $254m by selling down its 17.93 per cent stake in Geely in December last year.

Geely makes passenger vehicles, motorcycles, engines and transmission products under the Emgrand, Englon, Geely, Gleagle and Volvo brands.

Exports have become an increasingly important part of the its business and accounted for 21 per cent of the its total sales volume of 483,483 units in 2012.

Geely generated revenues of $4bn last year. The company had a total market capitalization of US$3.9bn on 4 April 2013.

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