In late June 2007, UBS disposed of its 20.7% stake in Julius Baer by launching an accelerated bookbuilding transaction for a 15.23% stake (33,991,870 shares, price of CHF 84.00 per share) and selling the remaining 5.47% (12,222,222 shares, price of CHF 89.66 per share) to Julius Baer for a total consideration of CHF 3,951 million. UBS received the Julius Baer shares as part of the consideration in connection with the sale of Private Banks & GAM to Julius Baer in December 2005. UBS had agreed to certain lock-up obligations which expired on 25 May 2007. The interest in Julius Baer was accounted for as a Financial investment available-for-sale, and the sale led to a release of gains, which were previously deferred in Equity, to Net profit of CHF 1,950 million pre-tax in second quarter. On a post-tax basis, the gain on sale was CHF 1,926 million.