NWS Holdings Ltd. (NWSGY, 0659.HK) said Friday its wholly-owned unit Moscan Developments Ltd. agreed to acquire a larger stake in a company that operates the Hangzhou Ring Road from a London-based hedge fund, the Children's Investment Master Fund, for US$280 million.

Moscan's stake in Hangzhou Guoyi Expressway and Bridge Management Co. Ltd. will increase to 58.66% from 33.66% after the deal is concluded, the statement said.

NWS said Hangzhou Ring Road is an expressway that connects with several major national expressways, linking Hangzhou City with neighboring provinces and cities such as Shanghai and Nanjing.

-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com

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