German insurer Allianz SE has paid about $1 billion for part of Goldman Sachs Inc.’s stake in closely held Chinese insurer Taikang Life Insurance Co., according to people with knowledge of the matter.
Goldman sold a stake of about 4% in Beijing-based Taikang Life to Allianz, according to a statement by the Chinese insurer on Wednesday. The statement didn’t provide any financial details. The U.S. investment bank will retain about 8.6% in Taikang Life after the transaction.
The sale had attracted interest from other potential suitors including private equity firms and some Asian investors, the people said, who asked not to be identified as the information is private.
A representative for Goldman Sachs declined to comment, while a representative for Allianz didn’t immediately respond to requests for comment…