China's Legend Holdings on the brink of purchasing a £500m stake in London's Pension Insurance Corporation

Hayley Kirton
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PIC insures the London Stock Exchange's pension scheme (Source: Getty)

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.

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