This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Nippon Life to Acquire Resolution Life for $8.2bn
December 12, 2024
Nippon Life Insurance plans to acquire the remaining 77% of Resolution Life Group Holdings for $8.2bn, making it the largest overseas acquisition by a Japanese insurer. The all-cash deal, which values Resolution at $10.6bn, aims to strengthen Nippon Life’s presence in the US market and address limited growth prospects at home due to Japan’s aging population. Nippon Life already owns 23% of Resolution and aims to complete the acquisition by 2H2025. As part of the deal, Nippon will also acquire a 20% stake in MLC Life from National Australia Bank (NAB) and merge it with Resolution Life Australasia to create a new insurer, Acenda. Nippon Life has prioritized global expansion, with plans to double its core operating profit to JPY 1.4tn ($9.2bn) by 2035. Blackstone, Resolution’s investment manager, expressed its interest in deepening its partnership with Nippon Life, highlighting the potential for more collaboration. The deal also positions Blackstone to expand its presence in Japan, where it plans $20bn in investments over the next three years.
Nippon Life’s bonds traded stable with its 4.7% 2046s at 99.5, yielding 5.12%
For more details, click here
Go back to Latest bond Market News
Related Posts:
Reports Suggest Nippon-US Steel Merger Might be Blocked
December 11, 2024
Bombardier’s Loss Shrinks, Continue on Deleveraging Path
August 5, 2022
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.