The Carlyle Group and Huo’s Group to Buy a 75 Percent Stake in Tongyi Lubricants from Shell (Asia)

Source: The Carlyle Group 

Global alternative asset manager The Carlyle Group and China-based conglomerate Huo’s Group have agreed to acquire a 75 percent stake in China-based Tongyi Lubricants, a lubricant supplier founded as a joint venture of Huo’s Group and global energy company Shell, from Shell. Carlyle’s investment will be structured through Carlyle Asia Partners IV.  The transaction is subject to regulatory approvals and is expected to be completed by the end of 2015 or in early 2016. Financial details of the transaction were not disclosed.