Fosun buys controlling stake in Portuguese insurer
Fosun International Ltd, China’s biggest private conglomerate, bought a controlling stake in Portugal’s largest insurance group for ($1.36 billion, to build an investment group focused on the insurance sector.
Fosun International’s chairman Guo Guangchang said in statement that the Hong Kong-listed company outbid US investment fund Apollo Global Management LLC to acquire an 80 percent stake in state-owned Caixa Seguros e Saude SGPS SA, Portugal’s largest insurance group, which is owned by state bank Caixa Geral de Depositos SA.
The team was originally looking for M&A targets in neighboring Spain, but a local adviser told them to look into Portuguese assets instead, an insider close to the Chinese company said.
Fosun could not be reached for comment. (Photo 2)