We find that acquirer shareholders gain less in inter-corporate asset transactions when the seller is a private firm. Both private equity and private operating sellers generate lower returns for the buyer than public sellers, but their relative gain differences are not statistically different. We also show that the gain difference cannot be explained by buyer characteristics, sample selection effects, and means of payments. However, it increases when the seller’s di-rector ownership is lower, suggesting that managerial incentives have an important influence on the gain of buyer shareholders. Consistently, the empirical evidence shows that private firms sell assets at more expensive price than public firms. Indeed, the withdrawal rate and estimated premiums are significantly higher when the seller is unlisted.