Three private equity firms last night sold their remaining stake in Chinese PC maker Lenovo Group at a tight discount of just 1.4% versus yesterday’s close. The trade, which totalled HK$1.54 billion $198 million, came after the company reported strong earnings for the second quarter and on the back of a 25% gain in the stock since late August.
The vendors were TPG, Newbridge Asia an Asian affiliate of TPG and General Atlantic, which teamed up to buy into Lenovo in 2005 to help strengthen the Chinese firm’s financial position at the time of its takeover of International Business Machine’s PC business. This was their fourth sell-down, although all three firms haven’t...
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