Deals
Nippon Life to Start a Tender Offer to Buy Mitsui Life
- Nippon Life plans to begin buying shares as early as October
- Japanese insurers announced $24.5 billion of M&A this year
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Nippon Life Insurance Co., Japan’s biggest life insurer by assets, and Mitsui Life Insurance Co. agreed to merge as the nation’s insurance companies seek ways to counter slowing growth.
Nippon Life and Mitsui Life plan to finalize the deal by early November and complete the merger by March, according to a joint statement on Friday. Nippon Life plans to start a tender offer for Mitsui Life’s shares as early as October and eventually hold 85 percent of its rival, according to the statement. Details of the tender offer were not given. Neither company is publicly traded.