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NEWS

Fosun Pharma Sells US$523.15 Million Stake in United Family Healthcare

August 01, 2019

Beijing and Shanghai – Paul Hastings LLP, a leading global law firm, announced that it advised Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”), one of the leading Chinese healthcare groups, in its definitive agreement to sell its stake in United Family Healthcare (“UFH”), valued at US$523.15 million, to New Frontier Corporation (“NFC”). Upon closing of the transaction, Fosun Pharma will subscribe to approximately 6.6 percent equity stake in NFC for approximately US$94 million. The entire transaction also involves the global alternative asset firm TPG selling its stake in UFH to NFC.

UFH is one of the largest and most recognized private healthcare providers offering comprehensive premium healthcare services in China. NFC, a New York Stock Exchange-listed company, is a special purpose acquisition company (SPAC) sponsored by New Frontier Group, a China-focused investment group that invests in, builds and operates diversified businesses in the new economy sectors of China.

Paul Hastings has a long-standing relationship with Fosun and has represented the company and its subsidiaries in a number of significant transactions, including Fosun Tourism Group’s Hong Kong IPO, Fosun Group’s acquisition of a majority stake in Vienna-listed luxury textile maker and lingerie brand Wolford, and Fosun International’s acquisition, with TPG, of Cirque du Soleil, the Canadian entertainment and theatrical production company.

The Paul Hastings team was led by Shanghai Corporate Partners Jia Yan and David Wang, with support from New York Of Counsel Keith Pisani, Shanghai Associates Stancy Qian and Ting Wang, and Beijing China Advisor Xunming Cui.

At Paul Hastings, our purpose is clear—to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.

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