CORRECTED-Carlyle to exit China insurer CPIC with $790 mln share sale-IFR

Mon Jan 7, 2013 5:49am EST

(Corrects to say Carlyle is based in Washington, D.C. in 2nd paragraph)

HONG KONG Jan 7 (Reuters) - U.S. private equity fund Carlyle Group plans to sell its entire remaining stake in China's third-largest insurer, in a deal valued at up to $790 million, IFR reported on Monday, citing a term sheet of the transaction.

The Washington, D.C.-based firm is offering 203 million Hong Kong-traded shares of China Pacific Insurance (Group) Co Ltd (CPIC), in a range of HK$30 to HK$30.3, added IFR, a Thomson Reuters publication. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Ron Popeski)

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