IAG’s latest Asian acquisition could take up to four months to complete, with Chinese regulators set to pore over every detail of the deal. The company has confirmed it will take a 24.9% stake in China Pacific Property Insurance (CPPI) at a cost of between $350 million and $375 million.

It has lodged initial papers, including copies of the draft transaction agreement, with the China Insurance Regulatory Commission. IAG says both the companies will sign the deal as soon as possible after the agency’s preliminary review. The deal will then need to be confirmed by both IAG shareholders and investors in CPPI’s parent company China Pacific Insurance Group.

It will then be subject to further regulatory approval from a number of Chinese authorities. IAG says it will reveal further details of the transaction once it is signed.