A. O. Smith (AOS) agreed to sell an 81% interest in its China business to alternative asset manager CPE for approximately $400 million on a cash-free, debt-free basis. A. O. Smith will retain a 19% stake and a long-term brand license, with total value including licensing expected to exceed $500 million. The company expects to repatriate about $80 million in cash from China and prioritize share repurchases with after-tax proceeds.
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