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