US service and manufacturing company Providential Holdings Inc has agreed to acquire a 60% stake in Chinese circular saw blade maker Yutian Saw Corporation.
The deal, expected to be completed by June 30, will see Providential take the majority stake in exchange for US$45m in short-term notes.
Providential will also help Yutian become a publicly-traded company in the US and Europe within nine months of the transaction’s closure, as well as assisting the firm to market products outside of China.