Wednesday, December 13, 2017

Nippon Life to buy 24.75% stake in TWC Group

Japan’s Nippon Life Insurance has struck an agreement to acquire 24.75% of US investment firm TCW Group from US private equity firm Carlyle.

The joint statement released by the companies did not indicate the terms of the transaction.

But according to a source with direct knowledge of the matter, Nippon Life will spend roughly ¥55 billion (US$488.37 million).

Nippon Life and Carlyle declined to issue a comment on the price.

According to the statement, Nippon Life said the transaction should close this month, pending regulatory approval.

The Japanese insurer will have two seats on TCW’s board if the transaction is closed.

Asset management has been considered a promising area to hasten growth amid Japan’s low interest rates, and Nippon Life is among the latest Japanese firms to explore that opportunity.

Mitsubishi UFJ Financial Group earlier said it would spend up to ¥1 trillion in acquisitions.

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