HONG KONG: Texas Pacific Group (TPG) is exiting its whole investment through a sale to Haitong Securities in car dealership of China Grand Automotive Services (CGA) and a third party investor.
A unit of Haitong 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. Based in Shanghai, CGA is China’s largest car dealership.
One of the most active in China TPG had started to invest in the Chinese firm in 2007. The US based firm does not disclose details of its investments.
Further the Company had considered on and off a stock market listing in Hong Kong. It eventually decided against it last month.
It was not immediately possible to reach Haitong Securities or China Grand Automotive Services for comment. TPG declined to comment.
