Allianz in $700 mln deal with Goldman to hedge CPIC stake-terms

HONG KONG, March 19 (Reuters) - German insurer Allianz has struck a $700 million deal with Goldman Sachs to protect most of its stake in China Pacific Insurance Group Co Ltd (CPIC), according to a term sheet of the deal seen by Reuters.

Goldman Sachs sold 147.7 million Hong Kong traded shares of CPIC at a price of HK$36.77 each to hedge an equal position of Allianz in the Chinese insurer, the terms showed. That's equivalent to about 60 percent of the Allianz stake in CPIC.

Goldman acted as sole bookrunner for the transaction.

(Reporting by Fiona Lau of IFR and Elzio Barreto; Editing by Miral Fahmy)