Freshfields Bruckhaus Deringer
is advising Hong Kong investment company Pacific Century Group on its $2.14 billion acquisition of Dutch financial services group ING Groep N.V.’s Hong Kong, Macau, and Thailand insurance businesses.
Pacific Century—led by Richard Li, the son of Hong Kong tycoon Li Ka-shing—is using the all-cash purchase to reenter the insurance sector, which it left in 2007 after selling Pacific Century Insurance Holdings Ltd. to Dutch-Belgian financial services outfit Fortis N.V.
The announcement comes just a week after ING
sold its Malaysian insurance business
to Hong Kong-based insurer AIA Group Ltd. for $1.7 billion. The deals are part of ING’s intended divestiture of its insurance and investment management businesses, which was a condition for receiving a $13 billion bailout from the Dutch government in 2010.
Freshfields corporate partner Heiner Braun in Shanghai and regulatory partner Royce Miller in Hong Kong led a team of five partners on the transaction.
Allen & Overy
acted for ING with a team led by Amsterdam partner Charles Honée and including London partners Richard Evans and Philip Jarvis and Hong Kong partner Gary McLean.
Pacific Century controls a portfolio of businesses that include Hong Kong’s largest telecom operator PCCW Ltd. and U.S. asset manager PineBridge investments, which has $68 billion under management.