Deals
Jack Ma-Backed Yunfeng to Buy MassMutual Unit for $1.7 Billion
- MassMutual to get about $1 billion in cash, stake in Yunfeng
- Yunfeng to add offerings of life insurance, annuities
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A group led by Yunfeng Financial Group Ltd., the company backed by billionaire Jack Ma, agreed to buy an Asian unit from Massachusetts Mutual Life Insurance Co. to add insurance products to the array of financial services it offers to clients.
The consortium, which includes Sina Corp., Giant Network Group Co., Ant Financial, a GIC Pte-managed entity and others, will pay HK$13 billion ($1.7 billion) for Hong Kong-based MassMutual Asia Ltd., the seller said Thursday in a statement. Yunfeng will own a 60 percent stake in MassMutual Asia, with the other investors holding the remaining interest. Yunfeng shares surged by the most in more than a year.