Chow Tai Fook Enterprises, a Hong Kong conglomerate controlled by the family of tycoon Cheng Yu-tung, will acquire Heart On Fire Company, a U.S. luxury diamond brand, in a cash deal worth $150 million,
jewelry news site
The Centurion
reported.
The acquisition will be fully funded by Chow Tai Fook’s internal resources, the article said. Hearts On Fire will operate as a standalone business within the Chow Tai Fook Group and will continue to be led by chairman and CEO Glenn Rothman, the article said.
Chow Tai Fook is the world’s largest jewelry retailer.
Chow Tai Fook has also bid for PrimeCredit, Standard Chartered’s Hong Kong consumer finance unit,
Reuters reported.
Japan’s Shinsei Bank Ltd. and Carlyle Group are also said to be suitors for PrimeCredit, the article said. (Sources:
The Centurion,
June 18, 2014; Reuters, June 17, 2014.)
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