White & Case has advised the Industrial and Commercial Bank of China (ICBC) and the Bank of China (BOC) on their 550 million euro ($750 million) syndicated loan to Fosun International Ltd’s subsidiary, Millennium Gain Ltd.

Partners Badwing Cheng and David Li lead the team advising on the loan, which is in support of Fosun’s 1 billion euro acquisition of Portugal-based bank Caixa Ceral de Deposits’s insurance arm.

Fosun acquired 80 percent of each wholly owned Caixa subsidiary, which includes life and non-life insurance market operator Fidelidade, health insurer Multicare, and travel and transport insurer Cares. This is Fosun’s largest offshore acquisition to date.

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