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7 June, 2016
Davis Polk is advising Fujian Thai Hot Investment Co. Ltd (“Thai Hot Investment”) in connection with its acquisition of Dah Sing Life Assurance Company Limited (“Dah Sing Life”), Dah Sing Insurance Services Limited (“Dah Sing Insurance Services”) and Macau Life Insurance Company Limited (“Macau Life”) from Dah Sing Financial Holdings Limited (“DSFH”) and Macau Insurance Company (“MIC”), a non-wholly owned subsidiary of DSFH.
Pursuant to the terms of the share purchase agreement, Thai Hot Investment has conditionally agreed to acquire the entire issued share capital of each of Dah Sing Life, Dah Sing Insurance Services and Macau Life for an aggregate consideration of HK$8.0 billion in cash. The acquisition is subject to a number of closing conditions.
In connection with the acquisition, Dah Sing Life and Macau Life will pay an aggregate consideration of HK$2.6 billion in cash to Dah Sing Banking Group Limited (“DSBG”), an affiliate of DSFH, in exchange for separate 15-year exclusive bancassurance partnerships with Dah Sing Bank, Limited and Banco Comercial de Macau, S.A., non-wholly owned subsidiaries of DSFH, that will commence upon the completion of the sale of Dah Sing Life, Dah Sing Insurance Services and Macau Life.
Dah Sing Life is a life insurance company based in Hong Kong. Established in 1990, Dah Sing Life provides life insurance and wealth management services to its customers. Dah Sing Insurance Services is a life insurance agent, providing agency services to Dah Sing Life. Macau Life, established in 1997, is a life insurance company based in Macau.
DSFH, together with its group companies, is a leading financial services group based in Hong Kong, providing banking, insurance, financial and other related services to people in Hong Kong, Macau and the People’s Republic of China. Its shares are listed on the Hong Kong Stock Exchange.
Founded in 1993 and headquartered in Beijing, Thai Hot Investment has grown into a successful and leading conglomerate in the People’s Republic of China, focusing on insurance, banking and financial services, health care and real estate development.
The Davis Polk corporate team included partner Paul Chow and associates Patrick Peng and Kai Sun. Members of the Davis Polk team are based in the Hong Kong office.
