S&C client NWS Holdings Limited, a member of the New World Group, acquired the entire issued share capital of FTLife Insurance Company Limited from Chinese private equity-focused investment firm Tongchuangjiuding Investment Management Group Co., Ltd. for $2.75 billion, subject to interest costs and other adjustments. The acquisition adds a new line of life insurance business to the existing real estate and infrastructure-focused operations of the New World Group.
The S&C Hong Kong-based team advising NWS was led by Kay Ian Ng
and Garth Bray
, and included Dickson Wong and Josef Cai.
S&C also played a leading role in navigating the regulatory review process, which required approvals from the Hong Kong Insurance Authority and the Bermuda Monetary Authority, and the clearance of the NWS shareholder circular by the Hong Kong Stock Exchange.