HONG KONG—The chairman of China Evergrande Group Hui Ka Yan sold 1.2 billion shares in the company at an average price of HK$2.23 each on Thursday, Hong Kong Stock Exchange filings show. The share sale, which is worth a total of HK$2.68 billion ($344 million), lowers Hui’s stake in the Shenzhen-based real estate company to…
Evergrande Founder Sells 9 Percent Stake for $344 Million Amid Debt Crunch
November 26, 2021
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Evergrande to Sell Entire Stake in HengTen to Ease Debt Burden
Cash-strapped China Evergrande Group will sell the rest of its stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion ($273.5 million). The world’s most indebted real estate developer is liquidating assets, even at a loss. On the morning of Nov. 18, Evergrande’s unit announced the agreement with Hong Kong-based Allied Resources…
Amazon Discloses 20 Percent Stake in EV Maker Rivian
October 29, 2021
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Amazon.com Inc., an early backer of Rivian Automotive, now owns about a fifth of the electric-truck maker, the e-commerce giant disclosed in a quarterly filing on Friday. Ford Motor Co., which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month. At the end of the third quarter, Amazon…
Blackstone Buys Majority Stake in Spanx, Valuing It at $1.2 Billion
October 20, 2021
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Investment firm Blackstone Inc. would buy a majority stake in Spanx, valuing the shapewear maker at $1.2 billion, the companies said on Wednesday. The deal will allow Spanx to further expand globally and help it strengthen its online business, they added. Spanx founder and Chief Executive Officer Sara Blakely would become the executive chairwoman of…
American Airlines Buying Stake in Second South American Carrier Gol
September 16, 2021
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By Kyle Arnold The Dallas Morning News American Airlines plans to buy a minority stake in a second South American airline, Brazil’s Gol, as it aims to strengthen its ties to its strongest international region. American plans to spend $200 million on the 5.2 percent interest in São Paulo-based Gol, an ultra-low-cost carrier that flies…
Rolls-Royce Sells Stake in Refuelling Jets Unit AirTanker for $261 Million
LONDON—British engineering company Rolls-Royce said it agreed to sell its 23.1 percent stake in AirTanker Holdings, the owner of 14 A330 refuelling jets, for 189 million pounds ($261 million), in its latest disposal aimed at reducing debt. The aero-engine maker wants to sell 2 billion pounds worth of assets to help repair its balance sheet…
JPMorgan to Buy Majority Stake in Volkswagen’s Payments Business
September 8, 2021
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LONDON—JPMorgan has struck a deal to buy a majority stake in German car giant Volkswagen’s payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls. The U.S. bank has agreed to buy close to 75 percent of Volkswagen Payments S.A. for an undisclosed sum, subject…
Hertz Eyes Bankruptcy Exit Through $4.2 Billion Stake Sale
In a deal to jettison itself from under bankruptcy protection, Hertz said Tuesday that it may sell a controlling stake in the company to two investment firms for $4.2 billion. Knighthead Capital Management and Certares Opportunities will have the chance to buy the entire reorganized car rental company, but no less than a majority of…
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