Friday, November 24, 2017

Yunfeng’s MassMutual acquisition to take another year

It could take at least one year for Yunfeng Financial Group to complete its US$1.7 billion acquisition of MassMutual Asia, according to Yunfeng Financial’s CEO Li Ting.

In an interview with the South China Morning Post, Li said the complex approval process involved in the acquisition could mean that that deal will not be completed until the third quarter of 2018.

Yunfeng Financial is backed by Alibaba chairman Jack Ma.

The deal was announced in August but the number of approvals needed is making the acquisition process longer.

When the deal is completed, Hong Kong-based Yunfeng will own 60% of MassMutual Asia, the Asian unit of Massachusetts Mutual Life Insurance.

The remaining 40% will be owned by other investors, including Ant Financial Services, GIC Private and Sina.

Yunfeng’s interest in MassMutual is part of its efforts to add insurance products to the array of financial services it offers to clients.

Li said Yunfeng plans to put standard insurance products on its platform for online sales.

 

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