Japanese insurer Dai-ichi Life Insurance has reportedly reached a deal with US-based Protective Life to merge in a $5.7 billion agreement.
According to reports, the transaction marks the largest buyout of a foreign company by a Japanese insurance firm in history; the deal is set to create the world’s thirteenth-largest insurer, reports add.
Dai-ichi does not currently hold a presence in the US market and is using the acquisition to change that in efforts to counteract a declining market in Japan. The company currently operates throughout Asia and Australia.
Both company boards or directors must approve the deal, as do Protective Life shareholders and antitrust regulators in the US, Japan and elsewhere.
Full content: RTT News
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