Sunday, 24 July 2016
Last updated 1 day 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.