PE picks up strategic stakes in CICC
Kohlberg Kravis Roberts, TPG Capital, the Government of Singapore Investment Corporation and Great Eastern Life Assurance will together take a 34.3% stake in China International Capital Corporation (CICC), purchased from US investment bank Morgan Stanley, which is currently the second largest shareholder in CICC. The proposal submitted by Morgan Stanley has been approved by The China Securities Regulatory Commission (CSRC).
According to a statement by Morgan Stanley, the US bank expects to realize a pre-tax gain of approximately $700 million upon completion of the transaction, which is expected to close before the end of...
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