Ping An gets green light to restructure New Founder Group
Ping An will pay $7.6b to acquire 66.51% equity interest in New Founder Group.
Ping An Insurance (Group) Company of China, Ltd. has announced that the China Banking and Insurance Regulatory Commission (CBIRC) has approved Ping An Life Insurance Company of China, Ltd.’s investment in the New Founder Group.
Ping An Life, a Group subsidiary, received the approval in relation to Ping An Life Insurance Company of China, Ltd. Equity Investment in New Founder Group.
Under the agreement, Ping An will execute the restructuring plan of the Founder Group Restructuring with the relevant parties, including the orderly carry out of asset delivery, business development and asset disposal.
Ping An Life will also pay approximately CN¥48.2b ($7.6b) to acquire approximately 66.51% equity interest in New Founder Holding Development Company Limited.
“With the strong support of all parties, the restructuring of the “1 + 4” entity of Founder Group has been progressing smoothly. The Ping An-led consortium signed the Restructuring Investment Agreement for the Founder Group restructuring on 30 April 2021. Beijing Municipal First Intermediate People’s Court approved the “Restructuring of Five Companies Including Peking University Founder Group Company Limited, (Draft)” on 28 June 2021,” Ping An said in its announcement.
Ping An Life’s acquisition of the equity interest in the New Founder Group was approved by the Anti-Monopoly Bureau of the State Administration for Market Regulation on 11 August 2021. Between 21 October 2021 to 25 January 2022, seven New Founder Group entities were incorporated, including New Founder Holding Development Company Limited, Peking University Medical Management Co., Ltd., Founder Information Industry Co., Ltd., Founder International Trade Co., Ltd., Founder Commercial Real Estate Co., Ltd., Founder Commercial Management Co., Ltd. and Founder International Education Consulting Co., Ltd.