TPG Will Hand Off Chinese Leasing Biz In $715M Deal

Law360, New York (September 25, 2013, 8:11 PM EDT) -- Private equity company TPG Capital LP will sell its leasing business UT Capital Group Co Ltd. for $715 million to a subsidiary of Chinese investment firm Haitong Securities Co., the companies said Wednesday.

UT Capital's main subsidiary, the equipment leasing company UniTrust Finance & Leasing Corp., is the core of the deal, TPG said in a statement. UniTrust leases to many medium and smaller Chinese companies, which sometimes have trouble acquiring capital from China's larger institutions, according to TPG and Haitong International Holdings.

"We are pleased...
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