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Blank-check company Heckmann Corp. said Tuesday it would buy
China Water and Drinks Inc. for $625 million in stock and cash to seize
upon the growing market for bottled water in China.
Heckmann, which raised $400 million in an initial public offering on the American Stock Exchange in November, said in a statement it will pay $455 million in stock and $170 million in cash from its cash on hand for the Chinese company. The sale will revalue investments in China Water that Goldman, Sachs & Co., Plano, Texas-based Pinnacle Fund LP and other private equity investors have made in the past year. In June, Pinnacle's Pinnacle China fund led a group buying $30 million in convertible preferred shares through a private placement. In January 2008, Goldman, Pinnacle and Pinnacle China were the lead investors in a private placement of $50 million convertible debt. - Donna Block and Peter Moreira For the full story including advisers, see TheDeal.com See press release See Dealscape: SPACs and private equity have a meeting of the minds See Dealscape: The SPAC Shell game CategoriesPrivate capital video
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