Pacific Current Group (ASX:PAC), an asset manager, announced the sale of its 4% stake in GQG Partners (ASX:GQG) for $170.3 million.

This transaction was executed via a block trade with institutional investors.

Per share, the sale was conducted at A$2.16, marking a 3.6% discount to GQG’s last closure on Thursday.

Pacific Current plans to utilize a portion of the earnings from this sale to reduce its debt and invest in new ventures.

This stake sale follows a few months after Pacific Current terminated buyout discussions with GQG and River Capital, as no binding offers were received from the interested parties.

GQG has not yet provided any comments on the issue.

Pacific Current Group is an asset management company that offers a variety of investment strategies.

It operates globally, delivering regional experience for clients around the world.