Saturday, 23 August 2014
Last updated 16 hours ago
Jan 8 2013 | 11:07am ET
The Carlyle Group has sold the last of its stake in China's third-largest insurer, earning itself a handsome profit in excess of US$4 billion.
The private equity giant bought up a 17% stake in China Pacific Insurance between 2005 and 2007 for US$740 million. It began selling its holdings two years ago, and dumped its last shares in the company today. Today's proceeds totaled US$796 million, more than Carlyle paid for its entire investment in CPIC.
All told, Carlyle took in US$5.1 billion from the CPIC sales, earning it a US$4.3 billion profit, the biggest-ever single haul in the firm's history.
CPIC went public in 2009; Carlyle last sold a chunk of shares in July. Carlyle had owned 8.81% of the company until today.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note