PE Giant Unloads China Insurance Stake

Carlyle has sold $860 million worth of shares in China Pacific Insurance.
By Maria Woehr ,

NEW YORK (

TheStreet

) -- U.S.-based private equity firm

Carlyle Group

has sold $860 million worth of shares in

China Pacific Insurance

.

A source close to the deal confirmed the accuracy of reports by both

Reuters

and

The Wall Street Journal

that Carlyle sold a 2.5 percent stake in China Pacific in a private placing.

Carlyle has a 15.4 percent stake the company and could be still sitting on an unrealized profit of about $4 billion, according to

Reuters

Carlyle gradually started building its stake in China Pacific starting in 2005.

UBS

(UBS) - Get Report

lead the deal, according to published reports.

--Written by Maria Woehr in New York.

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