Deals
Citic Pacific Completes $37 Billion Purchase of Parent’s Assets
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Citic Pacific Ltd. completed a HK$286.6 billion ($37 billion) purchase of assets from its state-owned parent, adjusting the payment to include less cash and more new shares.
The Hong Kong-based company paid HK$53.4 billion in cash and issued 17.3 billion new shares to units of its parent in exchange for Citic Corp., the company said in a Hong Kong stock exchange filing yesterday. Citic Pacific said it also completed the private sale to investors of 3.95 billion shares, raising HK$53.3 billion.