New York private equity firm Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) is picking up a 10 percent stake in Qingdao Haier (SH: 600690) for about $556 million.
Beijing-based Qingdao Haier is a home appliance company that makes white label refrigerators, air conditioners, mobile phones, computers, washing machines and televisions.
The investment should help Qingdao Haier continue expanding internationally.
KKR was founded in 1976 by Henry Kravis and George Roberts. The firm has 83.5 billion in assets under management.