PE Firms Exit BankUnited Investment

Four private-equity investors have sold their remaining stakes in BankUnited (BKU) in Miami Lakes, Fla., for almost $393 million.

Investment funds affiliated with the Blackstone Group, the Carlyle Group, WL Ross & Co. and Centerbridge Partners sold roughly 11.9 million shares of common stock for $33.15 per share, the $14.9 billion-asset BankUnited said Friday. That was less than the $33.50 that had been anticipated last week.

BankUnited did not receive any proceeds from the offering.

Large BankUnited shareholders started selling off their stock last March for hundreds of millions of dollars. Moving the company's stock from being concentrated in the hands insiders and private equity to a more normal shareholder base would mean an increased number of shares available for trading, John Kanas, chief executive at BankUnited, said at the time. This could lead to more liquidity and a higher valuation.

Goldman Sachs was the underwriter for the secondary offering.