Morgan Stanley gets approval to sell CICC stake

The US bank expects to reap a $700 million capital gain from the sale of its 34.3% stake to TPG, KKR, GIC and Great Eastern Life.

Morgan Stanley has received all the necessary approvals from the Chinese regulators to sell its 34.3% stake in China International Capital Corp CICC and expects to realise a pre-tax gain of about $700 million from the transaction. In a press release issued last night, the US investment bank also confirmed that the buyers are TPG Capital, Kohlberg Kravis Roberts KKR, The Great Eastern Life Assurance Company and the Government of Singapore Investment Corp GIC.

The first three investors are new to the Chinese investment bank, while GIC was one of the founding shareholders and already owns a stake. The price of the transaction wasn’t disclosed.

The sale will open the door for Morgan...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222