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Australia's Pacific Current Group to exit RARE Infrastructure

Australian asset management company Pacific Current Group Ltd. will sell its remaining 10% stake in RARE Infrastructure Ltd. to U.S.-based Legg Mason Inc. for an undisclosed sum.

The move comes after it sold a majority stake in RARE Infrastructure to Legg Mason unit, Legg Mason International Holdings LP, in October 2015, with the residual stake subject to a put/call option.

The board of Pacific Current Group has exercised its put option and the final consideration will be determined by an independent valuer, according to a July 2 release.

The deal is expected to be completed by Sept. 30.