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Thursday, July 24, 2014

TPG, Carlyle set to raise $2.1 billion by pricing Australia Healthscope IPO at upper-end of range, (NASDAQ: CG)

Private equity giants TPG Capital Management Ltd and Carlyle Group LP will price shares in Australian hospital company Healthscope Ltd at A$2.10 ($1.98) each, the upper end of the target range, a person familiar with the sale told Reuters.The pricing means the private equity funds would gain A$2.25 billion ($2.12 billion) by selling down their stake in Healthscope Ltd via an initial public offering, a premium to the A$1.99 billion they paid in 2010 to take the company private.Healthscope is Australia's second largest private hospital operator.The target range for the shares was set at A$1.76 to A$2.29 per share. The bookbuild, which closed Thursday, supported the top of the target range but the sellers decided to price the stock slightly lower to ensure the stock has a strong debut when it lists on July 31, the person said.

Shares of CG traded higher by 2.11% or $0.72/share to $34.77. In the past year, the shares have traded as low as $24.66 and as high as $39.38. On average, 485583 shares of CG exchange hands on a given day and today's volume is recorded at 287472.