Paul, Weiss client Ageas Insurance International N.V. announced that it has completed the sale of its Hong Kong life insurance business to JD Group, one of China's largest private equity groups, in its first investment outside Mainland China. The sale and purchase agreement was signed in August 2015 after an auction process, with a consideration of €1.22 billion. At the time of signing, this was the largest Chinese cross-border insurance deal by value since 2012.

This is the first ever private equity-sponsored acquisition of a Hong Kong insurance business. Approvals were obtained from various Hong Kong regulators in addition to the PRC and Bermuda authorities.

The Paul, Weiss team included corporate partners Jeanette Chan and Chuck Googe and counsel Hans-Gunther Herrmann and Menachem Kaplan.