BUZZ-Australia's Pacific Current jumps after selling part of PE frim's stake to CNO Financial
Reuters
Sep 25
BUZZ-Australia's <a href="https://laohu8.com/S/TSRUF">Pacific Current</a> jumps after selling part of PE frim's stake to CNO Financial
** Shares of Pacific Current Group PAC.AX advance as much as 2.50% to A$11.060, their biggest pct gain since August 20
** Asset manager announces divestiture of a portion of its stake in PE firm Victory Park Capital Advisors $(VPC)$ to NYSE-listed CNO Financial Group CNO.N
** In exchange for selling 18% of co's remaining 11.2% equity stake in VPC and 5% of its 19.4% future carried interest entitlements in VPC's unlaunched funds, PAC will receive $5.5 mln upfront consideration before transaction costs - PAC
** Post-deal, PAC will retain a 9.2% stake in VPC's management co and 18.6% of carried interest entitlements on new funds
** Stock currently up 1.9%, trimming YTD losses to 7.3%
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