China's largest electric appliances retailer, Gome Electric Appliances, announced on Sunday that the US-based Warburg Pincus LLC will invest US$150 million in the retailer, to account for 9.71 percent of its stock shares.

 

This ranks as the largest investment for Warburg Pincus in its China investment strategy, said sources with Warburg Pincus LLC, a global leader in private equity firms.

 

A spokesman with Gome said it has reached an agreement with Warburg Pincus Private Equity Fund IX for the large deal and Gome will use the investment to further expand its business in China.

 

Warburg Pincus LLC has approximately US$12 billion under management and US$7 billion available for investment strategy.

 

(Xinhua News Agency February 7, 2006)