December 3, 2014 / 7:26 AM / 4 years ago

TPG exits China Grand Auto via Haitong sale

HONG KONG (Reuters) - (This version of the Nov. 28 story has been corrected to change company name throughout to Haitong International Securities Group, not Haitong Securities)

TPG is exiting its whole investment in car dealership China Grand Automotive Services (CGA) through a sale to Haitong International Securities Group Ltd (0665.HK) and a third party investor, according to regulatory filings and sources close to the transaction.

According to Hong Kong Stock Exchange filings, a unit of Haitong International Securities agreed to pay HK $2.1 billion to purchase nearly 39 percent of TPG’s stake in CGA. The rest of TPG’s stake in CGA was bought by an undisclosed third party.

The whole stake was sold for around HK$5.4 billion, according to Reuters calculations.

Based in Shanghai, CGA is China’s largest car dealership.

TPG had started to invest in the Chinese firm in 2007. The U.S.-based firm, one of the most active in China, does not disclose details of its investments but Reuters had previously reported it held at one point 40 percent of CGA.

The company had considered on and off a stock market listing in Hong Kong. It eventually decided against it last month, IFR reported in October.

TPG declined to comment. It was not immediately possible to reach Haitong International Securities or China Grand Automotive Services for comment.

Reporting by Lisa Jucca, editing by David Evans and Anne Marie Roantree

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below