Chinese conglomerate Citic Ltd is clubbing together with a unit of sovereign wealth fund China Investment Corporation and others to buy Australia Nature’s Care Biotech for less than A$800 million $620 million, according to people familiar with the deal.
As part of the agreed deal, the Wu family, which founded Nature’s Care in 1990, plans to keep over 10% of the Sydney-headquartered business, the two people said.
The buying consortium comprises CIC-managed China Jianyin Investment and JIC Huawen Investment, together with Tamar Alliance Partners, which is run by Citic Ltd and Hong Kong's Dah Chong Hong Holdings, according to...
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