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Source: Bain Capital agrees to buy into GOME

(Agencies)
Updated: 2009-06-08 17:15

US private equity giant Bain Capital has agreed to buy a major stake in China's top home appliance retailer GOME, a source with direct knowledge of the deal said on Sunday.

Related readings:  Bain Capital in exclusive talks to buy 20% of GOME  Cash-strapped Gome looks for investors  Gome may offload 20% stake to raise funds

The two parties were still finalising financial details at the weekend and an official announcement is expected as early as next week, said the source, who declined to be identified as he was not authorised to speak to the media.

On Wednesday, Bain was reported to enter into exclusive talks to buy a major stake in GOME, dubbed as China's Best Buy, after months of competition with other potential investors including Kohlberg Kravis Roberts & Co and Warburg Pincus.

Representatives for Bain and GOME both declined to comment.