Two Shenzhen Government-Owned Firms To Buy Singapore Reinsurance Firm ACR

Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings Corp (SIHC), two government-owned investment firms, have agreed to buy ACR Capital Holdings Pte Ltd, the owner of Singapore's biggest reinsurance firm, for around US$1 billion.

The deal will allow ACR's shareholders including London-based private equity firm 3i Group, Malaysian state investor Khazanah Nasional, Singapore state investor Temasek Holdings and Japanese trading house Marubeni Corp to exit.

3i Group will earn about US$231.6 million from the sale of its stake in ACR, it said in a separate statement on Wednesday, without specifying what its rate of return will be.

The transaction is expected to complete by early next year after receiving regulatory approvals and other closing conditions.

"We look forward to utilising ACR's leading pan-Asian p...

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