Warburg Pincus Joins $250M Investment Deal In Ucar

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Global private equity giant Warburg Pincus LLC has teamed up with Hong Kong-listed Chinese car rental firm Car Inc. to invest a total of US$250 million in Ucar Group, a mobile app-based chauffeured car service firm controlled by Car Inc.’s founder and CEO, according to a securities filing.

Car Inc. will purchase 2.5 million series A preferred shares in Ucar for US$125 million, which will turn into a 10% stake in Ucar on a diluted basis.

Warburg Pincus and Legend Capital Management Co., Ltd. will invest the remaining US$125 million.

China Money Network

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