Fosun International Group in talks to buy Phoenix Holdings majority stake, considers buying five insurance firms overseas
Fosun International [HKG: 656] plans to buy a majority stake in Israeli insurance company Phoenix Holdings for nearly USD 500m and talks over the deal are expected to finish in June, Chinese-language Sina.com reported, citing an unnamed source.
Fosun International, the Hong Kong-listed Chinese conglomerate, plans to intensify its efforts on overseas acquisitions, and it is in talks to acquire five insurance firms in the U.S., Europe and Asia this year with a budget of USD 2.4bn, according to the report.
Liang Xinjun, the CEO of Fosun International, said in an interview with the Wall Street Journal that the company is in exclusive talks with five different insurance companies and has completed due diligence on these targets. Liang refused to disclose the names of these targets, the Sina.com report said.
Sina.com