Asia

(Photo: caishimv.com)

The jailed billionaire founder of Gome is poised to take control of the Chinese electronics retailer in a $1.5bn deal that would pave the way for his return upon his release — which allies say could be soon.

The deal marks the ultimate triumph of Huang Guangyu’s battles from prison to vanquish those who challenged him, including Bain Capital.

Under the terms of the transaction, Huang will sell Artway, another electronics retailer in his ownership, to Gome in a cash-and-shares offer that will take his holding in Gome from 33 per cent to 50.5 per cent.

The original article can be found at www.ft.com