Sullivan & Cromwell, DLA Piper and Chinese firm Jingtian & Gongcheng have been engaged in Shenzhen-based insurance giant Ping An Insurance’s $1.7 billion takeover of the remaining stake in its healthcare arm, Ping An Healthcare and Technology.
Ping An, which currently owns 39.41% stake in the healthcare firm, will acquire the shares through its subsidiary in the British Virgin Islands, Glorious Peace Limited. Following the transaction, Ping An Healthcare will continue its existing principal business, since the Chinese insurer does not intend to privatize the group, according to a Hong Kong stock exchange filing.
