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Allianz Buys $855 Million China Pacific Stake From Carlyle

Allianz SE, Europe’s biggest insurer, said it bought $855 million of China Pacific Insurance (Group) Co. H shares from Carlyle Group.

Allianz now owns 240 million H shares in China Pacific, representing a 10.4 percent holding in that class, the Munich-based company said today in an e-mailed statement. The stake equates to a 2.8 percent position in CPIC’s total outstanding shares, Allianz said.

This acquisition follows an investment of $150 million by the German insurer in China Pacific’s H share initial public offering in December 2009, Allianz said.

Allianz Chief Executive Officer Michael Diekmann said the increased holding is part of his company’s “long-term investment” in China Pacific, China’s third-largest insurance company.

Carlyle sold 215.8 million China Pacific shares for HK$31.15 each, according to a term sheet obtained by Bloomberg News on Dec. 31. The H shares closed yesterday in Hong Kong at HK$33.45 each.

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