PE Giant Unloads China Insurance Stake
NEW YORK (
) -- 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
and
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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