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Carlyle, KKR board Asia insurance deal train with Thai Life bid -sources
HONG KONG, March 12 |
HONG KONG, March 12 (Reuters) - Carlyle Group LP and KKR & Co LP are among the bidders to submit first round offers to buy a minority stake in Thai Life Insurance Co Ltd, in a deal said to be worth about $500 million, according to people close to the auction.
Malaysian sovereign wealth fund Khazanah Nasional Bhd is also bidding, the people said, as the growth behind Asia's insurance industry has fuelled dealmaking across the sector.
Unlisted Thai Life is planning to sell a stake of about 20 percent in the company, set to be Thailand's third insurance deal in the past year. Across the region, at least three other insurance deals are brewing.
Private equity firm CVC Capital Partners Ltd, Japan's Meiji Yasuda Life Insurance Co Ltd and Sumitomo Life Insurance Co Ltd are among the other suitors vying for the Thai Life stake, the sources added. First round bidding closed on Monday.
Sumitomo Life, Meiji Yasuda and Khazanah declined to comment. Thai Life officials were not available for immediate comment. Carlyle, CVC and KKR declined to comment. Sources declined to be identified as the sale process is confidential.
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