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2 Chinese firms to buy Singapore's ACR Capital Holdings

Shenzhen Qianhai Financial Holdings Co. Ltd. and ShenzhenInvestment Holdings Co. Ltd. will acquire Singapore's ACR Capital Holdings Pte.Ltd., the parent of Asia CapitalReinsurance Group Pte. Ltd., for an undisclosed sum.

ACR Capital said Oct. 5 that its major shareholders, whichinclude Temasek Holdings (Private) Ltd., approved the proposed sale. ShenzhenQianhai Financial and Shenzhen Investment will acquire the company through theirjointly owned holding company, Asia Investment Capital Holdings Co. Ltd.

The deal is subject to regulatory approvals.

While ACR Capital did not disclose financial details of thetransaction, a person familiar with the situation told The Wall Street Journal that the Chinese consortium will payUS$1 billion for thecompany.

Morgan Stanley is acting as exclusive financial adviser andAllen & Overy is acting as legal adviser to ACR Capital and its majorshareholders.

Aon Securities Inc. is acting as sole financial adviser tothe buyers, while Clyde & Co. is acting as legal adviser. KPMG providedfinancial, tax and actuarial due diligence assistance.

Asia Capital Reinsurance operates in Hong Kong, Dubai,Taiwan, Japan, South Korea, Vietnam and India.