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Bond Market News
Fosun Plans to Revive Peak Re Stake Sale
February 9, 2024
Fosun International has revived a plan to find a buyer for its majority stake in its Hong Kong business Peak Reinsurance Co (Peak Re). As per sources, Fosun is potentially seeking a valuation of ~$1bn for the company. As part of strategic options to pay its debts, it had planned the stake sale of Peak Re in late-2022, but the attempt failed. The sources noted that a formal sale process is under way with considerations only in preliminary stages. Prudential Financial owns ~13% in Peak Re while Fosun holds the remainder, as per the reinsurer’s latest report.
Fosun’s 5.05% 2027s were trading stable at 80.13, yielding 13.41%.
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