Fosun International raised HK$9.3 billion $1.2 billion from an accelerated top up placement on Monday night to help fund the acquisition of US insurer Ironshore Holdings and remove potential pressure on its credit ratings.
The negative ratings overhang has been sparked by its latest acquisition, the $1.84 billion to $2.1 billion purchase of the remaining 80% of Ironshore it does not already hold. Over the past two-years, China's largest privately held conglomerate has spent roughly $8 billion on an acquisition spree that is progressively turning it from an industrial to insurance-led investment holding company.
However, the increase in debt...
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