TPG in Sale of UniTrust Finance & Leasing Corporation to Haitong for $715 Million

September 25, 2013

Cleary Gottlieb represented TPG Capital in the conditional sale of its 100% stake in UT Capital Group, which together with its subsidiaries the UniTrust Group carries on a leading finance leasing business in mainland China. A binding sale and purchase agreement, conditional on the receipt of certain PRC regulatory approvals, was signed on September 25, 2013 with Haitong International Holdings Limited, a wholly-owned subsidiary of Haitong Securities. Haitong is a leading PRC securities and brokerage firm.

TPG acquired the UniTrust Group in 2008. The sale was conducted by way of an auction process over a six-month period, and is a very rare example of a PRC business wholly-owned by a foreign sponsor being sold to a Chinese strategic buyer.