TPG exits China leasing business to Haitong Securities for $715m
TPG Capital has agreed to sell Chinese financial leasing business UT Capital Group to Haitong International Holdings for approximately $715 million. It brings to an end a five-year ownership period during which UT Capital has expanded its activity from the construction sector to service small and medium-sized enterprises (SMEs) in areas such as healthcare, education, printing and packaging, and machine tools.
TPG commenced the sale process about six months ago after a number of strategic investors made inquiries about the business, recognizing the PE might be considering its exit options, a source familiar...
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