On Aug. 22, Fujian Yango Holdings signed a binding agreement with Israeli conglomerate Delek Group to buy a 52.3 percent stake in insurer Phoenix Holdings for 1.95 billion shekels ($515.9 million, or 3.4 billion yuan).
According to a finance consultant from Ernst & Young, total asset of the insurer is worth almost 170 billion yuan, and Phoenix's annual premium can reach up to 19 billion yuan, which makes the deal the largest ever overseas acquisition for a Chinese enterprise in the insurance industry.
Fujian Yango Holdings is the parent company of Yango Group. The company is active in several industries, though previously not in insurance or finance. Phoenix Holdings is one of the five largest insurance groups in Israel. It has been controlled by Delek Group since 2006.
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