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Major shareholders of BankUnited are cashing in part of their holdings by selling 8 million shares at $31.65 in a transaction that will generate more than $250 million, but not provide income to the bank itself.
Miami Lakes, Fla.-based Bank United said investment funds affiliated with The Blackstone Group, The Carlyle Group, WL Ross & Co. and Centerbridge Partners are selling the stock, as are bank principals John Kanas and John Bohlsen.
The bank is also leaving the door open to the sale of an additional 1.2 million shares, if...