UPDATE: KKR (KKR) to Invest $65M into China Cord Blood (CO); Shares Rip Higher

(Updated - April 12, 2012 9:31 AM EDT)

China Cord Blood Corporation (NYSE: CO) and Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR) announced that they have entered into agreements under which KKR China Growth Fund L.P., a China focused investment fund managed by KKR, is expected to invest $65 million into CCBC, the largest cord blood banking operator in China, to support its further business expansion and to capitalize on China’s fast growing healthcare services industry.

UPDATE: Shares are ripping higher early, up over 15 percent, following the announcement that KKR will make a $65 million investment in the company.

With a total market cap just shy of $200 million, that represents gross cash of about 89 cents per share.

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