Kirkland & Ellis, DLA Piper and Cahill Gordon & Reindel have scored key advisory roles on Chinese conglomerate Fosun International’s offer to acquire the 80 percent it does not already own in U.S. insurer Ironshore Inc for $1.8 billion.
Fosun’s offer, which is subject to regulatory approval, closely follows its acquisition of an initial 20 percent stake in Ironshore for $464 million last August, in a deal that involved DLA Piper and Cahill Gordon.
The Chinese company has retained DLA Piper as its legal advisor on the new transaction, while Cahill Gordon and Kirkland & Ellis are advising Ironshore and its majority shareholders.
Chicago-based corporate partners Stephen Ritchie and Walter Holzer are leading the Kirkland & Ellis team, alongside New York tax partner Russell Light.
“This acquisition will bring synergies for both parties in the prevention of currency risks, expansion of assets allocation and cooperation in reinsurance business,” Fosun said in an announcement to the Hong Kong stock exchange.
Fosun’s core businesses comprise insurance, steel, property, pharmaceuticals and mining. The company has identified insurance as a major growth area for the group. Last year it bought the insurance arm of Portuguese state bank Caixa Geral de Depositos SA for $1.4 billion.
