Carlyle in third China Pacific sell-down since December
The Carlyle Group is selling nearly one-third of its stake in China Pacific Insurance for up to $1 billion, according to a term sheet seen by Dow Jones Newswires. The transaction would be the latest in a series of sell-downs that have put the private equity firm on course for its biggest ever cash exit.
Carlyle is offering 250 million shares in China Pacific at HK$30.90-31.40, which represents a discount of 1.7-3.3% on the company's closing price on Tuesday. Prior to the placement, Carlyle owned 30% of China Pacific's Hong Kong-listed stock. The company also trades on the Shanghai bourse. Deutsche Bank, Goldman Sachs and Morgan Stanley are joint bookrunners, according to reports.
Carlyle bought its stake in the insurer in two tranches, in 2005 and 2007, for a total of $740 million. It exited part of its holding in late December for $860 million through a private placement and in early January sold 415 million shares for $1.78 billion. The private equity firm can't sell any more shares for at least 90 days after this week's sell-down.
Reuters estimates that Carlyle will be left with approximately 440 million China Pacific shares with a current market value of $1.8 billion.
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