Carlyle sells half its stake in CPIC, raising $723 million

The sale is done at a 5.2% discount and reduces Carlyle's stake in the Chinese insurer to 2.4%.

Carlyle sells half its stake in CPIC, raising $723 million
Carlyle initially invested in CPIC’s life insurance unit almost six years ago (ImagineChina)

Carlyle Group has sold just over half of its remaining stake in China Pacific Insurance Group Co CPIC through a block trade, raising HK$5.61 billion $723 million.

The timing of the deal took the market by surprise. It launched at 7pm on Friday, at a time when the stock was trading below the IPO price and following a profit warning by CPIC a week earlier. But investors liked the fact that the discount...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES