Reuters exclusively reports PE firm MBK plans to take China’s Car Inc private

Reuters reported exclusively that a group led by North Asia-focused private equity firm MBK Partners is in talks to take no. 1 China auto rental firm Car Inc private. The talks come after Car Inc shares tumbled more than 50% this year, hit by fallout from an accounting scandal at the fast-growing Luckin Coffee chain, with which it shares a co-founder Charles Lu Zhengyao. The plan is also among the latest to emerge as global private equity investors seek take-private opportunities, hoping to snap up bargains with share prices around the world squeezed lower amid recessions triggered by the coronavirus pandemic.