Huize Holding Limited, (NASDAQ:HUIZ) and its subsidiaries entered an agreement to acquire a controlling equity interest in Hubei Shengs Life & General Insurance Agency Co., Ltd.
Per the terms, Shengs Life & General will undergo a series of restructuring to become a wholly-owned subsidiary of Huize's group company.
Subsequently, Zhixuan Investment (Group company of Huize) will acquire a 56.19% equity interest in Shengs Group for ~RMB42.68M in cash, together with a capital injection of RMB15M.
The transaction is expected to complete by the end of 2021, subject to the satisfaction of customary conditions precedent.
Following the completion, Shengs Life & General will be accounted for as a consolidated subsidiary of the Company.
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