Fosun International Ltd. has ostensibly renewed its plan to sell Hong Kong-based Peak Re, seeking a valuation of about $1 billion, according to a new report from Bloomberg.
Citing people familiar with the matter, Bloomberg said that BNP Paribas SA is helping Fosun find a buyer for its majority stake in the business.
The people apparently noted that a formal sale process is underway and marketing materials have been sent to prospective bidders, including private equity firms and Asia-based financial services companies.
“Considerations are preliminary, no final decisions have been made and Fosun could still decide against a sale,” the people added.
As covered back in October of 2022, the Chinese conglomerate was reportedly considering options, including a sale of Peak Re, as part of its efforts to pay down debt.
In November of that same year, Fosun appointed Deutsche Bank to “advise on a potential sale of its share in Peak Re”, according to a Reuters report.
As per Peak Re’s latest annual report, US-based Prudential Financial Inc. owns about a 13% stake in the reinsurer, while Fosun holds the rest.
