Goldman's Taikang stake acquisition finalized
Goldman Sachs has acquired a 12.02% stake in China's Taikang Life Insurance Co Ltd. – a slice reportedly worth more than $900 million.
Goldman purchased the stake from French insurance giant AXA, which put a 15.6% stake on sale in late 2009. According to the Wall Street Journal, sovereign wealth fund the Government of Singapore Investment Corp. (GIC) partnered with Goldman to buy that 15.6% stake. The report added that AXA valued the full tranche at $1.2 billion, thus valuing Goldman's more-than 12% share at $925 million.
In December 2009, AVCJ reported that AXA's intention to offload its 15.6% stake attracted private equity players Blackstone, KKR and Temasek Holdings. The sale process was stalled at the time due to Mainland regulatory hurdles regarding ownership of a domestic insurer. Soon after these reports, Goldman emerged as a key suitor for the stake, with GIC, which held an 8% stake at the time, also looking to boost its holding.
Industry observers suggest that Taikang Life may launch its IPO later this year, which may garner as much as $4 billion.
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