July 5, 2018 / 1:34 AM / 4 months ago

Fosun buys match-making assets from chairman for $603 million

FILE PHOTO - Fosun International Executive Director and Chairman Guo Guangchang attends a news conference at Atlantis Sanya hotel in Sanya, Hainan province, China April 28, 2018. REUTERS/Bobby Yip

HONG KONG (Reuters) - Fosun International Ltd (0656.HK) said it would buy 69.18 percent of match-making and dating service provider Baihe Jiayuan Network Group Co Ltd from Chairman Guo Guangchang for 4 billion yuan ($603.4 million) cash.

The Chinese conglomerate said the self-funded deal would deliver synergies with its other businesses in pharmaceutical, medical and health services, tourism and leisure, as well as in insurance and finance.

Baihe Jiayuan, with net assets of 2.58 billion yuan as at end of 2017, has about 310 million registered users and about 200 offline service centers covering 75 Chinese cities.

In May, Fosun’s tourism arm said it was hunting for more overseas deals to grow its leisure vacation business.

Reporting by Donny Kwok; Editing by Stephen Coates

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