ARC Capital has been trying to sell its holding in Funtalk China Holdings. Shareholders have approved the deal but today ARC Capital Holdings has announced that one of the other conditions that needed to be satisfied before the deal could take place has not been fulfilled yet – namely that PAG Asia I LP (a vehicle connected to ARC Capital’s outgoing manager – the contract terminates in August) has not closed the deal to sell its stake in Funtalk. There might still time to salvage the deal but, in theory, the purchaser now has the right to walk away from the transaction. ARC Capital has not hinted why the deal may not have gone smoothly. It is meaningful to ARC Capital however, the total consideration for the deal is $137m.
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