Honiton Energy Group has hired Morgan Stanley to advise the China-focused wind power developer on luring a new investor, in a deal that could value the entire company at up to $250 million, sources said on Monday.
The company, currently 100 percent foreign-owned and headquartered in Beijing, has received the first-round of bids from several private equity firms, which valued it at between $200 million and $250 million, said the sources familiar with the situation.
The company only wants to sell a minority stake to a new investor as it is also targetting listing on a major international market in a year or two, said the sources who declined to be identified as the sale process was confidential.
Morgan Stanley declined to comment. Honiton, which focuses wind power development in China, especially Inner Mongolia, could not be immediately reached for comment.
(Reporting by George Chen; Editing by Jonathan Hopfner)