Global law firm White & Case LLP has advised Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC) on the €550 million syndicated senior secured loan to Millennium Gain Limited, a wholly-owned subsidiary of Fosun International Limited, the largest private-owned conglomerate in China.
The loan supports Fosun's €1 billion majority acquisition of the insurance arm of Portugal's largest state-owned bank, Caixa Ceral de Deposits.
This significant transaction is one of the largest deals ever completed by a Chinese non-state owned entity. Fosun International purchased 80 percent of the share capital and voting rights in each of the wholly-owned subsidiaries of Caixa's insurance arm, making this the largest acquisition the group has made outside China.
The assets purchased include Fidelidade, the leading life and non-life insurance market operator in Portugal, health insurer Multicare and Cares, a travel and transport insurer.
Hong Kong-based White & Case partner Baldwin Cheng, who co-led the team which advised on the deal, said: "We are pleased to have represented ICBC and BOC on the financing of this landmark transaction, utilizing our experience in managing multi-jurisdictional deals, acquisition financing and syndicated deals."
Beijing-based White & Case partner David Li, who co-led the deal team, said: "This transaction is noteworthy because it is one of the few significant financial asset acquisitions by a Chinese non-financial institution conglomerate that is not state-owned. It will be interesting to see if the success of this acquisition will mark the start of a trend of similar Chinese private sector companies going outbound."
Baldwin Cheng and David Li were supported by Shanghai-based senior legal consultant Frank Shu and Beijing-based associate Mengbi Xu.
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