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NewQuest acquires China Hydroelectric for $190m

15 Jan 2014

china beijing_sqHong Kong-based investment firm NewQuest Capital Partners has agreed to acquire China Hydroelectric Corporation in a $190m take-private deal.

NewQuest, will pay $3.51 per American depositary share in China Hydroelectric, which represents a 57.4 per cent premium to the closing price on the last day of trading before the firm made its initial $160m offer in September.

The Hong Kong-based firm currently owns 49.83 per cent of the company with options to take its interest to over 50 per cent.

NewQuest has recently hit a first close for its first vehicle launched after its spinout from Bank of America Merrill Lynch.

The fund has raised $215m towards its goal of $300m.

The firm hopes to hold a second close in the first quarter of next year ahead of completing the fundraise in the summer, AltAssets has learned.

NewQuest has been reticent about the size of its first fund created from the BAML spin-out, but reports at the time put it at about $400m.

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