Report: Goldman Sachs Nears Deal for AXA’s $1 Billion Taikang Stake

An investing arm of Goldman Sachs is in the final stages of an agreement to buy AXA’s $1.05 billion stake in Taikang Life, China’s No.4 life insurer, according to sources close to the matter.

The auction pitted Goldman against private equity firms and Singapore’s Temasek Holdings.

Both firms declined to comment.

The sources would not confirm the final price of the deal. The French insurer has valued its 15.6 percent holding in the company at $1.05 billion.

(Additional reporting by Lionel Laurent in Paris)