China's Fosun to buy Ironshore in US$1.84b deal

Hong Kong

FOSUN International Ltd, the investment arm of China's biggest closely held conglomerate, is planning a US$1.84 billion merger with Ironshore Inc after buying the shares it doesn't already own in the Bermuda-based insurer.

Fosun's unit Mettlesome Investment 2 will combine with Ironshore to boost its presence in the insurance business, the Shanghai-based company said in a statement to the Hong Kong stock exchange on Sunday. The company completed the acquisition of a 20 per cent stake in Ironshore, it said in February.