Haier Group to acquire near 42% stake in Autohome for $1.8 billion

(Reuters) – Hong Kong-listed Autohome said on Thursday its controlling shareholder Yun Chen Capital Cayman has agreed to sell its 41.91% stake in the company to a unit of Haier Group Corp for $1.8 billion.

Yun Chen, a unit of Ping An Insurance, will cease to be a controlling shareholder of the Chinese online advertising services provider following the sale, retaining around 23.9 million shares, Autohome added in the statement.

China’s Haier Group Corp owns home appliance maker Haier Smart Home.

(Reporting by John Biju in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore)