Deals
Ping An in Talks for Partial Stake in Credit Suisse’s Chinese Partner
- New Founder Group’s assets include brokerage, technology firms
- Ping An said to weigh merging Founder Securities with its unit
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Ping An Insurance Group Co. has agreed to acquire a majority stake in the newly-established Founder Group for as much as 50.75 billion yuan ($7.9 billion).
The Chinese insurer plans to buy a 51.1% to 70% stake in the new Founder Group, whose assets include Founder Securities Co., Founder Technology Group Corp. and China Hi-Tech Group Co., according to a statement to Shanghai stock exchange on Friday. The size of the deal could range from 37.05 billion yuan to 50.75 billion yuan, the statement said.