Report: JD Capital exploring sale of FT LifeNovember 16 2018 by InsuranceAsia News Staff
Chinese private equity firm JD Group has decided to explore a sale for Hong Kong life insurer FT Life Insurance according to Reuters.
Senior sources said the Beijing-based company has hired Citigroup to run the sale and second-round binding bids are expected in coming weeks with Chow Tai Fook and private equity firm PAG rumoured to be potential purchasers.
A deal could potentially be worth between US$2 billion and US$2.5 billion.
JD Group acquired FT Life, Hong Kong’s 12th largest life insurer, for around US$1.4 billion (HK$10.7 billion) in 2016 from Ageas.
None of the firms have commented.
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