Hong Kong-listed Fosun International says that it will acquire an 80% stake in Caixa Seguros e Saúde (CSS), the insurance unit of Portuguese state bank Caixa Geral de Depositos S.A.,for €1 billion ($1.36 billion), according to a company announcement.
Fosun outbid competing buyer, U.S. private equity firm Apollo Management International.
"The acquisition is another good implementation of Fosun’s investment model of ‘Combining China’s Growth Momentum with Global Resources’ and it will further expand Fosun’s insurance business," Fosun says in a statement.
Founded in 1835, CSS is the largest insurance holding company in Portugal.
It had total assets of €13 billion and net assets of €1.4 billion as of the end of 2012.