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December 08, 2010 at 08:00 AM
Morgan Stanley (MS) said Wednesday that it received all regulatory approvals for the sale of its 34.3% stake in China International Capital Corp. (CICC), China’s first investment bank.
The new owners are TPG Capital, which owns about 32% of LPL Financial, as well as KKR, the Government of Singapore Investment Corp. and the Great Eastern Life Assurance Co.
Morgan Stanley said it expects to realize a pre-tax gain of about $700 million from the deal, which should close by year-end.
“We are proud of our history and successful track record in China,” said Morgan Stanley President and CEO James P. Gorman, in a press release. “This includes our long partnership with CICC, which made us the first foreign securities firm to have a major stake in a China-based joint venture investment bank.”
