【英文原文】
Goldman Sachs To Invest In Geely
A Goldman Sachs Group Inc.-managed private equity fund is investing about $250 million in Geely Holding Group's Hong Kong-listed arm to fund the Chinese auto maker's growth ambitions, according to a person familiar with the matter.
Geely Automobile Holdings Ltd. is expected to announce the investment by Goldman Sachs Capital Partners on Monday, a Geely executive said.
The Hong Hong-listed Geely arm plans to use the money to fund its working capital as it expands. That could free up capital for its parent to bid for Ford Motor Co.'s Volvo unit.
People familiar with the matter have said Ford was likely to pick Geely Holding soon to take over Volvo -- a sign of Geely's global ambitions. Geely Auto confirmed earlier this month that its parent was bidding for Volvo with an unnamed state-owned investment company.
The Goldman Sachs fund is investing in convertible bonds and warrants that will give it a minority stake in the Chinese auto maker, according to the person familiar with the matter. The exact size of the stake will vary depending on whether the company hits certain targets and Goldman decides to exercise the warrants. An investment of $250 million represents around 15% of the listed arm's market capitalization of over $1.6 billion, according to FactSet Research Systems Inc., a research firm.
Geely said Wednesday that it planned to issue convertible bonds and warrants without naming Goldman Sachs Capital Partners as the buyer.
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