Debevoise & Plimpton has advised AIA Group on the acquisition of 100% of the shares in Blue Cross (Asia-Pacific) Insurance Limited (“Blue Cross”) and 80% of the shares in Blue Care JV (BVI) Holdings Limited (“Blue Care”) from The Bank of East Asia, Limited (“BEA”). The acquisition will further extend AIA and BEA’s existing bancassurance partnership through a 15-year agreement offering AIA personal lines general insurance products, including health insurance, to BEA personal banking customers in Hong Kong. AIA will pay a total consideration of US$278 million for the transaction.

The acquisition of Blue Cross brings extensive operating experience and specialist expertise in health insurance, enabling AIA Hong Kong to capture additional value across its distribution channels. AIA will also benefit from Blue Care’s two medical centers and a city-wide medical network with over 300 affiliated service providers.  The transaction is subject to regulatory approvals and other closing conditions.

The Debevoise team assisting AIA Group was led by partner Edwin Northover and included international counsel Jan Buschmann, and associate Josephine Chen.