NEW YORK (
is reportedly close to selling its stake in one of China's top investment banks to private-equity firms Kohlberg Kravis Roberts and TPG Capital.
Morgan Stanley's stake in China International Capital Corp. is valued at more than $1 billion, the
Wall Street Journal
KKR and TPG will split evenly the 34.3% stake currently owned by Morgan Stanley. However, the terms could change as the deal hasn't yet been formally signed and requires approval from the Chinese government.
KKR's Henry Kravis and TPG's David Bonderman, founding partners of their firms, are both likely to join an expanded board of CICC, people familiar with the situation told the
Morgan Stanley's stake sale in CICC would free it up to pursue its longtime ambition of entering into a new Chinese securities venture over which it can exercise greater influence, the
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