AIA Group Limited (SEHK:1299) entered into Share Sale Agreement to acquire 80% stake in Blue Care JV (BVI) Holdings Limited from The Bank of East Asia, Limited (SEHK:23) for HKD 62 million on March 4, 2022. In a related transaction, AIA Group Limited (SEHK:1299) entered into the Share Sale Agreement to acquire Blue Cross (Asia-Pacific) Insurance Limited from The Bank of East Asia, Limited (SEHK:23) on March 4, 2022. The consideration for both the transaction is HKD 1.168 million in cash.

For the year ended on December 31, 2021, Blue care reported net profit of HKD 1 million. The transaction is subject to regulatory approvals and other closing conditions including approval of the Insurance Authority, AIA Holdings HK having made an offer to the Remaining BC Shareholder to purchase all of the Remaining BC Shareholder's shares in Blue Care on specified terms, if the Remaining BC Shareholder does not accept the offer referred to in, certain specified amendments to the shareholders' agreement relating to Blue Care becoming effective on Blue Care Closing, completion of the Blue Cross Disposal on or before the completion of the Blue Care Disposal, the accuracy of certain fundamental warranties and subject to certain exceptions, no material adverse effect having occurred and being continuing. The board of Directors will decide on the use of proceeds from the disposals, which may include return to shareholders, or any such other purposes as the board of Directors may consider to be in the best interests of the Bank and the shareholders of the Bank.

Debevoise & Plimpton LLP acted as a legal advisor to AIA Group Limited.