TOKYO (dpa-AFX) - Nippon Life Insurance Co. said that it agreed to acquire Bermuda-based Resolution Life Group Holdings in $8.2 billion deal. The transaction is subject to customary closing conditions, including required regulatory approvals, and is expected to take place in the second half of 2025.
In addition, Nippon Life said it will acquire the remaining 20% of the issued shares in MLC Life Insurance that National Australia Bank holds. The acquisition amount is expected to be approximately A$500 million or approximately JPY 50 billion.
Additionally, Nippon Life noted that it will make an contribution of the MLC Life Insurance shares to Resolution Life NOHC Pty Ltd or 'Australian NOHC', Resolution Life's Australian holding company. In exchange, Nippon Life will acquire the new shares issued by Australian NOHC.
As a result of this transaction, Nippon Life will directly hold 51% of the voting rights of Australian NOHC (Nippon Life will indirectly hold 49% through Resolution Life), and Australian NOHC will encompass both Resolution Australasia and MLC Life Insurance as its subsidiaries, thereby integrating the management of Resolution Australasia and MLC Life Insurance.
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