PAC

Australia's Pacific Current Group sells 4% stake in GQG Partners for $170 mln

Credit: REUTERS/Daniel Munoz

Updates with comment in paragraph 5 and share prices in paragraph 6

March 8 (Reuters) - Asset manager Pacific Current Group PAC.AX said on Friday its unit has sold a 4% stake in GQG Partners GQG.AX for A$257.3 million ($170.3 million) via a block trade to institutional investors.

The stake sale at A$2.16 per share is at a 3.6% discount to GQG's last close on Thursday.

Pacific Current said it plans to use part of the proceeds for lowering debt and making new investments.

The stake sale comes months after the company ended buyout talks with GQG and River Capital, saying it did not receive any binding offers from the suitors.

"PAC's decision to sell its GQG shares stems from its long-stated desire to reduce equity market risk exposure in its portfolio and its view that owning listed securities over the long-term is beyond its investment mandate," the company said in a statement.

GQG did not immediately respond to a request for comment.

($1 = 1.5113 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Shounak Dasgupta and Sherry Jacob-Phillips)

((Aaditya.GovindRao@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.