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Carlyle Group plans to sell roughly $40 million of common stock in Boston Private Financial Holdings (BPFH).
A Carlyle affiliate will sell 3.9 million shares of the Boston company's common stock in a secondary offering. Boston Private said Wednesday that the sale will reduce the affiliate's stake to 4.1% from just under 10%.
The underwriters will have the option to buy an additional 585,000 shares of Boston Private's common stock worth roughly $6 million, based on Wednesday's closing price of $10.22 a share.
Carlyle has been reducing its holdings in Boston Private in recent months. Boston Private
After the sale announced Wednesday, Carlyle, which became Boston Private's biggest investor in 2008, will have a 60-day lock-up period for its remaining shares the company.
