Private equity firm Warburg Pincus LLC has launched a HK$3.108 billion (US$401 million) share sale in Hong Kong-listed Chinese car rental company, CAR Inc., in one hugely lucrative transaction that will bring proceeds two times of its original investment.
Warburg Pincus, through its Amber Gem Holdings Ltd. unit, has agreed to dispose 168 million CAR shares at HK$18.50 per share, as the company’s stock price more than doubled since its listing last September, according to a securities filing.
The stake being sold is around 7.09% of CAR’s total share capital. It will bring Warburg Pincus’ stake down to 11.08% from 18.17% previously.
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