South African insurer buys stake in Ping An Health
October 13, 2010 | BY
clpstaff &clp articlesSouth Africa's largest private health insurer Discovery Holdings has proposed to acquire a 20% interest in Ping An Health Insurance Company of China…
South Africa's largest private health insurer Discovery Holdings has proposed to acquire a 20% interest in Ping An Health Insurance Company of China (Ping An Health). Ping An Health is the health insurance subsidiary of China's second-largest insurer, Ping An (Group) Company of China.
Pending regulatory approvals before the China Insurance Regulatory Commission, the transaction included the injection of the health insurance intellectual property and a cash investment of approximately Rmb190 million (US$28 million) from Discovery into Ping An Health. This will be one of the first investments made by a foreign insurer in a Chinese health insurance company.
Advising Discovery Holdings was an Allen & Overy team including Shanghai corporate partner Richard Kim and Hong Kong corporate partner Mark Roppel. DLA Piper acted for Ping An Health.
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