Hillhouse Capital Management, Ltd. and Tencent Holdings Limited (SEHK:700) entered into an agreement to acquire 60% stake in Aviva Life Insurance Company Limited (Hong Kong) from Aviva plc (LSE:AV.) on January 20, 2017. Upon completion, Hillhouse Capital Management, Ltd., Tencent Holdings Limited, and Aviva plc will hold 40%, 20% and 40% stake respectively. The transaction is subject to customary closing conditions, including regulatory approval.

The transaction is expected to close in fourth quarter of 2017. Chun Wei ,Garth W. Bray, Kay Ian Ng, Jordan H. Oreck, Alan Hongye Zhang, Vincent W. Lee and Robert M. Fettman.of Sullivan & Cromwell LLP (UK) acted as legal advisors for Aviva plc. Ji Liu of Latham & Watkins acted as legal advisor to Tencent Holdings.