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Singapore's ACR Capital calls off acquisition deal with 2 Chinese companies

Singapore-based ACR Capital Holdings Pte. Ltd. called off the deal for it to be acquired by Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd.

The company said in a Nov. 7 release that its underwriting and financial performance have improved significantly over the past year and its major shareholders, including Temasek Holdings (Private) Ltd., remain committed to supporting it.

In October 2016, the Chinese companies agreed to acquire ACR Capital, the parent of Asia Capital Reinsurance Group Pte Ltd., for an undisclosed sum. The deal obtained approval from China's National Development and Reform Commission in May.

DealStreetAsia also reported Nov. 7 that the deal, which sources said was worth US$1 billion, was called off after the consortium indicated it would not be able to close the transaction within the year.

According to ACR Capital CEO Bobby Heerasing, the decision to part was mutual and the company has no immediate plans to reopen the sale process.