Only a week after partially exiting its investment in China Pacific Insurance, The Carlyle Group plans to sell an additional $1.8 billion stake, or 415 million shares, Reuters reported. The Washington, D.C.-based buyout shop paid roughly $800 million between 2005 and 2007 for its stakes in China Pacific.
(Reuters) – Carlyle Group [CYL.UL] is selling 415 million more shares in China Pacific Insurance (Group) Co Ltd (2601.HK), at a discount of 0-0.5 percent of the last traded price, sources with direct knowledge of the matter told Reuters.
The stake is valued at about $1.8 billion. Carlyle off loaded $860 million worth of the insurance company’s shares on Dec. 30.
Carlyle declined to comment. The company could not immediately be reached.
(Reporting by Denny Thomas and Daniel Stanton; Editing by Michael Flaherty