Simpson Thacher is representing CDH China Growth Capital Fund II, L.P. in connection with a potential going private transaction involving CNinsure Inc. proposed by a consortium comprised of an affiliate of TPG, the chairman and chief executive officer of CNinsure and an affiliate of CDH. In a proposal letter to the board of directors of CNinsure, the consortium proposed to acquire all of the outstanding shares of CNinsure (other than certain shares held by an affiliate of CDH and certain shares held by affiliates of the chairman and chief executive officer of CNinsure) for $19.00 per American Depositary Share (each representing 20 ordinary shares of CNinsure), or $0.95 per ordinary share. The proposed price per share values CNinsure at over $951 million. The proposal is subject to the completion of due diligence and the negotiation and execution of definitive documentation.
CDH China Growth Capital Fund II, L.P. is a China-based private equity fund managed by an affiliate of CDH China Management Company Limited. CDH China Management Company Limited and its affiliates are international alternative fund managers focusing on investments in private equity, venture capital, real estate and public equity markets. CDH and its affiliates have been managing funds since 2002, have over $6.1 billion assets under management and have more than 100 institutional investors, including sovereign wealth funds, pension funds, endowments, family offices, and fund of funds.
CNinsure is a leading independent insurance intermediary company operating in China. CNinsure’s distribution network reaches many of China’s most economically developed regions and affluent cities. The Company distributes a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance claims adjusting as well as other insurance-related services. CNinsure’s American Depositary Shares are listed on The NASDAQ Global Select Market.
The Simpson Thacher team includes Kathryn King Sudol and Justin Wong (M&A, Hong Kong office) and Sara Schuman (M&A, Beijing office).
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