From CNBC: Private equity firm Carlyle Group sold its remaining stake
in China's No.3 insurer CPIC in a deal valued at $793 million, exiting the
business with its largest dollar profit on an investment.
After several stake sales in the past two years, Carlyle
will finish with a total profit of more than $4 billion, five times the $800
million it invested in CPIC between 2005 and 2007 for a 17 percent stake,
Thomson Reuters calculations show.
By private equity standards, where making two times cash
paid and a few hundred million is considered a success, the CPIC exit is an
historic deal for Carlyle.
Carlyle confirmed the sale, without disclosing the terms….
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