Deals
Nippon Life Said to Agree to Acquire NAB's Insurance Business
- National Australia said to make announcement on deal Wednesday
- Japanese insurer to buy 80% of business, Yomiuri reports
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Nippon Life Insurance Co. has agreed to buy a majority stake in National Australia Bank Ltd.’s life insurance business and an announcement will be made Wednesday, people familiar with the transaction said.
National Australia’s shares were halted in Sydney Tuesday morning pending an update on an unspecified transaction. An announcement will be made along with the lender’s full-year earnings Wednesday, one of the people said, asking not to be named as the details are still private. Japan’s Yomiuri newspaper reported Tuesday the Australian lender had agreed to sell 80 percent of its life-insurance business to Nippon Life Insurance Co. for 220 billion yen ($1.8 billion).