Anbang-J.C. Flowers-Primavera Consortium Determines not to Proceed with Its Proposal to Acquire Starwood

NEW YORK, March 31, 2016 /PRNewswire/ -- Anbang Insurance Group Co., Ltd., together with its partners J.C. Flowers & Co. and Primavera Capital Limited, (collectively, "the Consortium" ), today announced that the Consortium has determined not to proceed with its proposal to acquire Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood").

The Consortium issued the following statement:

"We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time.  However, due to various market considerations, the Consortium has determined not to proceed further.  We thank the Starwood Board, management team and its advisors for their efforts and support throughout this process."

About Anbang Insurance Group  

Anbang Insurance Group Co., Ltd. is a comprehensive insurance company, based in China, with a global network of over 35 million customers. Anbang's business areas cover life insurance, property and casualty insurance, health insurance, pensions, banking and asset management. Anbang remains well positioned through the strength of our leading international franchises and their growth potential.  We look forward to continuing to execute on opportunities to meet our long-term value-driven strategic goals.

About J.C. Flowers & Co.

J.C. Flowers & Co. is a leading private investment firm dedicated to investing globally. Founded in 1998, J.C. Flowers & Co. includes, among others, a SEC registered investment adviser, J.C. Flowers & Co. LLC, that manages private equity funds, a broker dealer, J.C. Flowers Securities Co. LLC, that is SEC registered and a FINRA member and a fixed income asset management platform, J.C. Flowers Asset Management LLC.

About Primavera Capital Limited

Primavera Capital ("Primavera") is a leading Asia-based investment firm. The firm employs a flexible strategy of growth capital and control-oriented investments and seeks to create long-term value by working closely with portfolio companies to improve operational efficiency, competitiveness, and earnings growth. Founded by Dr. Fred Hu, a renowned economist and successful investor, and a former partner and Chairman of Greater China at Goldman Sachs Group, the Primavera team combines global capital market experience, deep industry knowledge, and a strong network of relationships with policy-makers/regulators as well as leading CEOs and entrepreneurs in Asia and globally. 

Contacts

Joele Frank / Andy Brimmer / Jonathan Keehner / Adam Pollack
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE Anbang Insurance Group Co., Ltd.; J.C. Flowers & Co.; Primavera Capital Limited