Global private equity giant Warburg Pincus is set to acquire a 49% stake in Fortune SG Fund Management Co., Ltd., a Sino-foreign joint venture fund management company, from French banking and financial services firm Societe Generale Group (SG Group).
No financial details were disclosed in a company announcement. It marks the end of SG Group's joint-venture partnership with Baosteel Group, a state-owned iron and steel company, which holds the remaining 51% stake in the fund.
The deal has gained regulatory approval from the China Securities Regulatory Commission, and is expected to close within this month.
"The Chinese economy has experienced rapid growth in the past thirty years. With the increase in people's wealth, they are more willing to buy financial products and better manage their assets," said Ben Zhou, managing director at W...
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