TPG (TPG) said Tuesday that the estate of co-founder David Bonderman plans to sell 21 million Class A shares through a secondary offering.
The shares will be sold by DB Holdings I, a vehicle representing the Bonderman Estate, which will receive all proceeds from the sale, the company said.
TPG will not sell any shares itself and will not receive any of the offering proceeds, it added.
As part of the deal, the Bonderman Estate and related entities have agreed not to sell additional shares for nine months following the offering, according to the company.
Shares of the company were down about 4.6% in recent after-hours activity.
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