Global private equity firm Warburg Pincus has agreed to sell a 7.1 percent stake in China-based car rental company CAR for HKD3.1 billion (approximately US$401 million) to independent third parties. The share sale on the Hong Kong Stock Exchange will total 168 million shares, priced at HKD18.5 (approximately US$2.39) apiece. Following the sale, Warburg’s holding in CAR will be reduced to 11.1 percent.