Newbridge exits Ping An as stock emerges from two-month suspension

The private equity firm raises $1.2 billion at a tight 1.2% discount after Ping An strikes a deal to increase its stake in Shenzhen Development Bank to above 50%.

Investors had been expecting Newbridge to sell its remaining shares in Ping An Insurance Group soon after the shares were to start trading after a lengthy suspension and they didn’t have to wait long. Just half an hour after the end of trading yesterday -- the first session after the suspension was lifted -- a request for a deal proposal was sent out to investment banks and shortly afterwards a deal was announced.

Newbridge took the chance to cash out after the stock closed 2.7% higher, having risen as much as 7.5% intraday, following the announcement late Wednesday that Ping An will increase its stake in Shenzhen Development Bank SDB to 52.39% from 29.99% through...

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