Goldman Sachs acquires 12% of Taikang

BEIJING - China's insurance regulator has approved Goldman Sachs Group's purchase of a 12.02 percent stake, or 102 million shares, in Taikang Life Insurance Co Ltd, the insurance company said in a statement on Friday.

"The two companies will strengthen cooperation in corporate governance, risk management, investment management and product development," the statement said.

The transaction will make Goldman Sachs the second-largest stakeholder of Taikang, China's fourth-largest life insurer. The financial details of the deal, however, were not disclosed. Industry insiders said that Goldman Sachs' costs might be as high as 60 yuan ($9.2) for each share.