Hong Kong –based private equity firm PAG Asia Capital is investing $250 million in Funtalk China Holdings, a distributor of wireless communications devices, accessories and content in China, AltAssets reports. PAG will put $150 million in convertible preferred securities and $100 million in convertible bonds.

PAG will also get an option to invest an additional $80 million in convertible bonds between now and 2016. The move follows a management buyout offer approved by the company’s board. The offer was led by a consortium of company executives and backed by PAG subsidiary ARCH Digital Holdings, Capital Ally Investments, GM Investment and Sinowill Holdings.

Click here for the story from AltAssets.