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Dai-ichi Life acquires 15.1% stake in Challenger for $560m
It plans to acquire through its Australian subsidiary.
Dai-ichi Life Holdings, through its Australian subsidiary TAL, will acquire a 15.1% stake in Challenger Ltd. for $560m (¥80b).
The deal involves the purchase of 104,353,125 issued shares from MS&AD Insurance Group Holdings.
Upon completion, TAL intends to equity account its holding in Challenger, a financial services firm engaged in annuities and fund management.
TAL said the investment aligns with its long-term strategy in the retirement income market, which it expects to grow in response to evolving demographic needs in Australia.
($1.00 = ¥143.00)
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