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TPG's Newbridge Asia to sell $1.16 billion of Ping An shares

  • Anita Davis
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TPG Capital’s legacy fund Newbridge Asia is reportedly preparing to sell $1.16 billion worth of shares in Ping An Insurance Group Co. of China, coming as the insurer – the world’s second-largest – looks to streamline the integration of its holding Shenzhen Development Bank into its own operations.

According to reports, the sale is to come through a block deal, with institutional investors buying stocks for HK$64.68-65.30 ($8.32-8.40) apiece.

In May, Newbridge Asia offloaded its 16.76% stake in Shenzhen Development Bank to Ping An Insurance. One week later, Newbridge sold more than half of the H-shares it received as payment into the market for a total profit of $1.25 billion. That deal was touted as the largest placement in Asia to date, with the sell-off representing close to 20 days' worth of trading volume, sold in just 2.5 hours. Long-only funds and hedge funds were the bulk of those buyers.

Earlier this week, Ping An additionally announced that it is to take a further 32% of Shenzhen Development Bank for RMB29.1 billion ($4.3 billion), giving it more than 52% control of the company from a less than 30% stake. According to reports, the combined assets of Ping An Bank and the Shenzhen Development Bank amounts to more than RMB855 billion ($125.6 billion).

 

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