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Friday, January 7, 2011

Carlyle to sell $1.8bln China Pacific stake-sources

Carlyle Group [CYL.UL] is offloading a further $1.8 billion stake in China Pacific Insurance (Group) Co Ltd (2601.HK) in what is on track to be the largest exit ever of a private investment in Asia. Carlyle's remaining stake is worth around $2.5 billion, having sold $860 million worth of shares on Dec. 30. Carlyle had paid just $800 million in a series of investments between 2005 and 2007 for a 15.4 percent stake in China Pacific Insurance (Group) Co Ltd (2601.HK). Carlyle is selling 415 million more shares in CPIC, China's third largest insurer, at a discount of 0 to 0.5 percent of the last traded price, sources with direct knowledge of the matter told Reuters on Friday.