(Bloomberg) -- Fosun International Ltd., the Chinese conglomerate that’s been buying insurers and property overseas, plans to raise $1 billion partly to fund acquisitions in the insurance industry.
The company will sell the shares at HK$19.48 to HK$20.32 each, according to a term sheet obtained by Bloomberg. The shares will be sold at a 3% to 7% discount to the last closing price on May 8.
Fosun Group, backed by Chinese billionaire Guo Guangchang, has been on an acquisition spree ranging from Australian energy companies to New York city office buildings. Fosun International said last week it is planning a $1.84 billion merger with Bermuda-based insurer Ironshore Inc. after buying the shares it doesn’t already own.
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