TPG exits Taishin Financial for $182m

Newbridge Asia IV, a fund controlled by the PE firm, sold 492.14 million shares at NT$11 apiece, at a 6.38% discount to the bank's closing price of NT$11.75 on Wednesday and at the bottom of the NT$11-NT$11.5 price range. The shares closed 3% lower at NT$11.40 on Thursday.

One anchor investor took up a substantial portion of the deal, while mainly Asia-based long-only or international funds subscribed to the rest. Nomura was the sole bookrunner for the transaction.

Last December, Cathay Financial's life insurance unit paid NT$4.74 billion for 3.45% of TPG's holding in Taishin.

Newbridge Asia purchased a 22.3% shareholding in Taishin in February 2006, paying NT$18.00 per share, or NT$27 billion (then $844 million). That investment was matched by a NT$4 billion commitment by Nomura, which offloaded all of its shares in the firm last year, as did Quantum Partners.

Also in 2011, Keh Hsiao Lin, who had been president of Taishin since January 2007, died after falling from a 100-meter-high cliff during a nighttime climb of Taiwan's Shusuei Mountain. Lin became president of Taishin Financial in January 2007, and additionally acted as the group's chief economist.

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• Topics
• Exits
• Greater China
• Financials
• Taiwan (China)
• TPG Capital
• Newbridge Capital
• Financial Services
• Exit