Sullivan & Cromwell
is advising France’s AXA SA on its proposed acquisition of a 50 percent stake in Shanghai-based Tian Ping Auto Insurance Co. Ltd. for $631 million.
The deal is subject to approval by the China Insurance Regulatory Commission.
AXA, which already operates a life insurance joint venture in the country with Industrial & Commercial Bank of China Ltd., said in a statement that its investment in Tian Ping would make it the largest foreign property and casualty insurer in China and the largest in Asia outside of Japan. The company has set a strategy of focusing on high-growth international markets.
Sullivan & Cromwell Hong Kong partner Chun Wei and Beijing partner Gwen Wong are leading the team advising AXA on the deal.