Carlyle Group Buys Into Boston Private

(Reuters) – Boston Private Financial Holdings Inc (BPFH.O) said it entered into an investment agreement with an affiliate of private equity firm Carlyle Group [CYL.UL], through which the bank holding company would raise about $6.3 million.

Under the terms of the agreement, an entity controlled by Carlyle has agreed to purchase about 1.1 million shares of Boston Private’s common stock, Boston Private said in a regulatory filing.

Earlier this month, Boston Private raised about $25 million in gross proceeds through a common stock offering, to support the redemption of its remaining TARP securities.

Shares of the company were up about 2 percent at $6.71 in morning trade on Monday on Nasdaq. (Reporting by Brenton Cordeiro in Bangalore; Editing by Jarshad Kakkrakandy)