Bain Capital Invests In Chinese Retailer GOME Electrical
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Shares of Chinese retailer GOME Electrical surged in overseas trading after Bain Capital LLC invested millions in the company which has taken a hit recently as its billionaire founder is under police investigation for "economic crimes."
GOME is selling $233 million of convertible bonds to a Bain affiliate and $214 million in shares to stockholders.
Bain will become GOME's second-largest shareholder, with a stake of between 9.8% and 23.5%, assuming full conversion of the convertible bonds.
Analysts said the funding news takes bankruptcy off the table.
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