Israel’s Delek Group (TASE: DLEKG) agreed to sell its 52.31 percent stake in insurer Phoenix Holdings (TASE: PHOE) to China’s Fosun International for 1.8 billion shekels ($471 million). The transaction is subject to various regulatory approvals.

Fosun, controlled by Chinese billionaire Guo Guangchang, has been expanding in the insurance industry with the acquisition of assets globally.

Last July, Delek signed a non-binding memorandum of understanding to sell a 47 percent stake in Phoenix to New York-based Kushner Group for nearly 1.7 billion shekels but that deal fell apart in December.

Delek owns stakes in the giant Tamar and Leviathan natural gas fields off Israel’s Mediterranean coast and has been divesting its financial and other non-core holdings, to comply with a law passed in December 2013 that prohibits Israeli companies from owning financial services corporations as well as industrial businesses.

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