US private equity firm Silver Lake has placed another big bet on the booming Chinese consumer internet industry, leading a $500m convertible bond round in publicly traded online travel site Qunar.
The deal echoes the firm’s backing of Alibaba in 2011 and 2012, when it invested around $500m in the then private ecommerce company. That stake has brought a return of about six times the original investment, based on disposals and the value of the remaining 86 per cent.
The news came as Qunar, which went public in 2013, announced plans to sell an additional 8m American depositary receipts, currently worth about $380m.
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