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Ping An to Buy Autohome Stake From Telstra for $1.6 Billion

Ping An Insurance Group Co., China’s second-largest insurer, agreed to buy a 48 percent stake in Chinese car website Autohome Inc. from Telstra Corp. for $1.6 billion, extending a shopping spree by the nation’s insurance companies.

Ping An will buy the shares at $29.55 each, according to a statement. That’s 2 percent below the stock’s last close. For Telstra, which bought into Autohome in 2013, the sale will lead to a gain of about A$1.8 billion ($1.4 billion).

Chinese insurance companies, flush with cash from savers, have embarked on a shopping binge. Including Autohome, they’ve announced transactions valued at $14.9 billion so far this...