Australia's Pacific Current Group sells 4% stake in GQG Partners for $170 mln (updated)

Pacific Current

07/03/2024 22:57

(Adds details on stake sale and background in paragraphs 2-4)
       March 8 (Reuters) - Asset manager Pacific Current Group
 PAC.AX  said on Friday its unit has sold a 4% stake in GQG
Partners  GQG.AX  for A$257.3 million ($170.3 million) via a
block trade to institutional investors.
    The stake sale at A$2.16 per share is at a 3.6% discount to
GQG's last close on Thursday.
    Pacific Current said it plans to use part of the proceeds
for lowering debt and making new investments.
    The stake sale comes months after the company ended buyout
talks with GQG and River Capital, saying it did not receive any
binding offers from the suitors.
    GQG did not immediately respond to a request for comment.
    
 ($1 = 1.5113 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by
Shounak Dasgupta)
 ((Aaditya.GovindRao@thomsonreuters.com))