Chinese investment company Legend Holdings is on the brink of purchasing a major stake in London-based Pension Insurance Corporation (PIC).
Legend, which is also the part-owner of computing company Lenovo, is said to be in the final stages of several months worth of talks to buy a stake worth £500m in PIC, which insures the pension schemes of several well-known names, including the London Stock Exchange, and covers roughly 132,000 scheme members.
Sources told Sky News, which first reported the story today, that the deal could close within a fortnight.
PIC declined to comment.
Last week, PIC released its results for the year ended December 2015, revealing that it holds financial investments under management of £16.6bn and that its underlying operating profits had increased by 15 per cent to £133m.
Legend is not the only Chinese company scouting for M&A opportunities at the moment. Insurer Anbang is currently locked in a fierce bidding war to buy hospitality giant Starwood Hotels & Resorts.