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Buyer of Waldorf Says It’s Time to Digest $13.5 Billion of Deals

  • Anbang’s Vice Chairman Yao Dafeng speaks in interview
  • Anbang seeks IPO of life insurance operations for transparency
Bloomberg business news

Anbang Pauses After $13.5B Buying Spree

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Anbang Insurance Group Co., known for its aborted attempt to buy Starwood Hotels & Resorts Worldwide Inc. in March, is turning its attention from chasing deals to digesting $13.5 billion of overseas acquisitions announced since 2014.

The company will focus on integrating purchases such as South Korea’s Tongyang Life Insurance Co., Vice Chairman Yao Dafeng said on Tuesday in Beijing, in the first interview by the company’s senior management with international media. While Yao said Anbang will still continue to seek acquisitions, mostly insurers and banks, his comments suggest a deal spree that included buying New York’s iconic Waldorf Astoria Hotel and mounting a $14 billion bid for Starwood might abate.