Zurich Insurance Co has launched the sale of its entire remaining stake in New China Life Insurance in a deal valued at $943 million, IFR reported on Wednesday, citing a term sheet.
Zurich confirmed the sale in a separate statement, but did not divulge the sale price or deal value.
Zurich Insurance is offering 139.6 million shares in New China Life at a fixed price of HK$25.00 each, representing a 7.7 percent discount to its Wednesday's close, the IFR added. It has also agreed to sell 152.9 million shares at the same price to an undisclosed anchor investor, it said.
In all, Zurich owned 292.5 million shares representing 9.4 percent stake in New China Life Insurance, the Zurich statement said.
HSBC, Goldman Sachs and UBS are arranging the sale, IFR said. (Reporting by Fion Lau at IFR and Denny Thomas; Editing by Louise Heavens)
Source: Reuters
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