3i Group sells investment in ACR Capital Holdings to Asia Investment Capital Holdings
3i Group plc (“3i”) have announced that it has signed an implementation agreement for the sale of its investment in ACR Capital Holdings Pte. Ltd (“ACR” or “the Company”) to Asia Investment Capital Holdings Co. Ltd (“AICH”), a company jointly controlled by Shenzhen Qianhai Financial Holdings Co. Ltd (“QFH”) and Shenzhen Investment Holdings Co. Ltd (“SIHC”), two Shenzhen-government sponsored investment companies.
The transaction is subject to the receipt of required regulatory and other approvals as well as the satisfaction of a number of closing conditions. Subject to these approvals and to meeting these conditions, proceeds to 3i will be approximately £182 m, which represents a 42% increase against a valuation of £128m at 30 June 2016. The transaction is expected to complete by early 2017.
ACR was established in November 2006 and is Asia’s first reinsurance company with a focus on providing risk solutions to the pan-Asian region with particular specialties for large and complex risks across non-life business lines. Headquartered in Singapore, it has a regional presence in Hong Kong, Dubai, Taiwan, Japan, Korea, Vietnam and India.
John Thomson, Partner, 3i Private Equity, said: “It has been a pleasure to support ACR on its international growth path over the past decade, and we are confident that the Company has an exciting future ahead. The region’s reinsurance markets are developing strongly, positioning ACR for substantial future growth.”
Group Chief Executive of ACR, Mr Hans-Peter Gerhardt, added: “We are grateful to our Board of Directors and major shareholders including 3i for their backing and support which has helped build ACR into a leading and unique pan-Asian reinsurer. 3i’s international expertise and network have been important factors in our successful expansion into new markets. We look forward to the next chapter in our development.”
About ACR Capital Holdings
ACR Capital Holdings is a risk solutions group established in 2006. At incorporation, their capitalisation was the largest ever private placement raised for a start-up company in Asia as well as the first independent risk solutions and reinsurance provider established in Asia, with a dedicated Asian focus. Today, ACR’s subsidiaries and joint ventures operate from 17 offices across 11 territories in Asia.
Source : 3i Press Release