TPG-backed Wumart nears $600 mln deal for Hong Kong rival

"TPG-backed Wumart nears $600 mln deal for Hong Kong rival | AboutHK.Com - More Information About HK"

Reuters Wumart Stores Inc, a major Chinese retailer backed by TPG Capital, is in the final stages of talks to acquire smaller rival Times Ltd for around $600 million to boost Wumart's national network, sources familiar with the situation said on Monday. Times was also in talks with another Asian retailer, the sources said, but Wumart appeared set to win the auction for the Hong Kong-listed retailer. If successul, Wumart and Times would be merged and Times, owned by Hong Kong tycoon Kenneth Fang and his family, would be delisted from the Hong Kong stock exchange, said the sources. Wumart and Times declined to comment. (Reporting by George Chen; Editing by Chris Lewis) (Additional reporting by Donny Kwok and Fion Li)