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(Bloomberg) — Fosun International Ltd., the investment arm of China’s biggest closely held conglomerate, is planning a $1.84 billion merger with Ironshore Inc. after buying the shares it doesn’t already own in the Bermuda-based insurer.

Fosun’s unit Mettlesome Investment 2 will combine with Ironshore to boost its presence in the insurance business, the Shanghai-based company said in a statement to the Hong Kong stock exchange on Sunday. The company completed the acquisition of a 20% stake in Ironshore, it said in February.

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