Fosun buys stake in Israeli insurer

PUBLISHED : Thursday, 31 December, 2015, 9:31am
UPDATED : Thursday, 31 December, 2015, 9:31am

Fosun International says its proposed acquisition of a 52.31 per cent stake in insurer Phoenix Holdings in Israel will further expand the group’s insurance and asset management business.

Fosun said Thursday that the acquisition will further optimise the group’s capital structure and lower its cost of funding on a consolidated level. It recommended shareholders vote in favour to the deal.

After the completion of the deal, Phoenix Holdings will become a subsidiary of the company and remain principally engaging in insurance and asset management business in Israel, Fosun said.

The acquisition price will cost 1.86 billion shekels (HK$3.6 billion)