Ping An buys half of Fortis; White & Case advises
May 08, 2008 | BY
clpstaff &clp articles & Ping An Insurance (Group) Company of China will acquire a 50% equity stake in Fortis Investments, the global asset management arm of Fortis, for…
Ping An Insurance (Group) Company of China will acquire a 50% equity stake in Fortis Investments, the global asset management arm of Fortis, for €2.15 billion (US$3.36 billion).
A team from White & Case, led by Seung Chong in Hong Kong and Stefan Odeurs in Brussels, acted for Ping An, while a team from Allen & Overy, led by partners Gary McLean and Alistair Asher, acted for Fortis. JPMorgan was the financial adviser for Ping An and Merrill Lynch advised Fortis.
Through the partnership, Ping An will advance its strategy to establish a global asset management business and a Qualified Domestic Institutional Investor platform. After the acquisition, Fortis will be re-branded as Fortis Ping An Investments.
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