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China's Legend in $1.8 bln deal to acquire Luxembourg bank BIL from Qatar
September 1, 2017 / 1:04 PM / 19 days ago

China's Legend in $1.8 bln deal to acquire Luxembourg bank BIL from Qatar

HONG KONG, Sept 1 (Reuters) - China’s Legend Holdings struck a deal on Friday to buy a 90 percent stake in Banque Internationale a Luxembourg (BIL) from Qatar’s royal family for 1.48 billion euros ($1.76 billion), marking its biggest overseas acquisition.

Legend, owner of computer group Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of Qatar royal family members including former Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani.

The purchase is being done through its Hong Kong subsidiary, Beyond Leap Limited, Legend said in a statement. Reuters in July first reported Legend was in talks with Precision on a potential acquisition of BIL.

$1 = 0.8398 euros Reporting by Julie Zhu; Editing by Muralikumar Anantharaman and Adrian Croft

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