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Nippon Life to Acquire Stake in Money Manager TCW From Carlyle

  • Japan insurer to buy 25% in deal said to be worth $490 million
  • Carlyle will keep about 31% of Los Angeles-based TCW
The Nippon Life Insurance Co. headquarters stands in Osaka, Japan, on Monday, July 25, 2016. Nippon Life, Japan's biggest life insurer, will announce its first-quarter earnings on Aug. 10.
Photographer: Tomohiro Ohsumi
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Nippon Life Insurance Co. agreed to buy a minority stake in TCW Group Inc. from Carlyle Group LP to strengthen its asset management operations and diversify revenue sources.

The Japanese insurer will acquire 24.75 percent of the Los Angeles-based money manager, it said in a statement in Tokyo on Friday, without disclosing financial terms. Carlyle will keep a 31.18 percent stake. The deal is valued at around 55 billion yen ($490 million), a person with knowledge of the matter said.