TPG Capital to Sell Stake in China Grand Automotive Services to an Investor Group for US$700 Million (Asia)

Source: The Wall Street Journal | Author(s): Rick Carew

TPG Capital, the principal investment platform of global private investment firm TPG, has agreed to sell its entire stake in China-based car dealer China Grand Automotive Services (CGA) to a group of investors, led by Chinese financial services company Haitong International Securities Group, for approximately US$700 million. Haitong International will buy 40 percent of TPG’s stake in the company, with the rest of TPG’s interest to be acquired by a group of undisclosed investors via a partnership arrangement. TPG first invested in CGA in 2007.