Kuwait Investment Authority Sells $3.1 Billion Bank of America Stake

The Kuwait Investment Authority has disposed of a $3.1 billion holding in Bank of America Corp. through an overnight block trade, according to people familiar with the transaction. The shares were priced at $47.95 apiece, the sources said. The sale trims the sovereign wealth fund’s exposure to the second-largest U.S. bank; the precise percentage of the lender’s equity involved was not disclosed.