Tags: Japan | Dai-ichi | buy | Protective

Japan Newspaper: Dai-ichi to Buy Protective Life for $5.7 Billion

Tuesday, 03 Jun 2014 08:39 PM

Dai-ichi Life Insurance Co. agreed to buy U.S. insurer Protective Life Corp. for 580 billion yen ($5.7 billion), Japan’s Yomiuri newspaper reported, without saying where it got the information.

The announcement may be made as early as Wednesday, with Protective’s management likely to stay on after the takeover, according to the report.

Dai-ichi, based in Tokyo, is among Japanese insurers venturing abroad as shrinking population at home erodes demand in the domestic market. The acquisition will give Dai-ichi access to clients across the U.S.

Dai-ichi’s board set a meeting Wednesday to decide on the acquisition, Nikkei reported. The deal is likely to be completed this year, according to the Nikkei. Dai-Ichi, Japan’s second- largest life insurer, plans to sell 250 billion yen of shares to help pay for the deal, the report said.

Shares of Protective, which is based in Birmingham, Alabama, gained 6.4 percent to $62.50 in extended New York trading after reports of the agreement appeared.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Dai-ichi Life Insurance Co. agreed to buy U.S. insurer Protective Life Corp. for $5.7 billion, Japan's Yomiuri newspaper reported, without saying where it got the information.
Japan, Dai-ichi, buy, Protective
158
2014-39-03
Tuesday, 03 Jun 2014 08:39 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved