(Bloomberg) — Fosun International Ltd., the investment arm of China's biggest closely held conglomerate, is planning a $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% stake in Ironshore, it said in February.
Fosun Group is backed by Chinese billionaire Guo Guangchang, who calls himself a student of Warren Buffett, and has been on an acquisition spree ranging from Australian energy companies to New York city office buildings. The U.S. market is "vibrant" and Fosun has "many deals" under discussion even after asset prices went up "a lot," Guo said in an interview at Bloomberg's headquarters in New York last month.
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