Fosun buys matchmaking service provider from chairman for $603m

Photo: Reuters

Fosun International Ltd 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 centres covering 75 Chinese cities.

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

Also Read:

Fosun agrees to buy German production systems firm FFT

China’s Fosun eyes acquisitions in N America tourism market

Reuters