CDH Investments has agreed to acquire Fujian Nanping Nanfu Battery Company, China’s largest alkaline battery manufacturer. Expected to close in 4Q, the deal reportedly involves a 79% stake valued around $1 billion (CNY6.1 billion). The seller is Procter & Gamble (NYSE: PG), which announced a couple months ago it would be selling off nearly 100 of its brands—representing more than half of its portfolio. Nanfu has production capacity to make 1.2 billion alkaline batteries per year. The deal could be particularly notable if it involves structured debt since debt financing is harder to secure in China and, consequently, not as common in the country's PE scene.