China’s Fosun confirms US$52m purchase of Brazilian asset manager
Chinese insurance and investment conglomerate Fosun International today confirmed its surprise acquisition of Brazilian asset manager Guide Investimentos for US$52m.
The moves consolidates the Chinese company’s rapid and diversified growth strategy abroad, coming just five days after Fosun announced the acquisition of French luxury brand Lanvin. In Tuesday’s development, Brazilian commercial bank Banco Indusval will retain up to a 20% stake in Guide Investimentos.
“Fosun will pay 170m Brazilian reals [US$52 million] for the acquisition, and an additional 120m reals (US$37m) depending on the company’s future performance,” the company said in a press release.
Commenting on the purchase, Shaun Rein, managing director of Shanghai-based market intelligence company China Market Research told the South China Morning Post: “Fosun is regaining pace – it seems like a signal that political pressure is easing for the company.”
Guide Investimentos is a Sao Paulo-based financial services company and a subsidiary of Banco Indusval, with around 50,000 individual and corporate investors.