November 5, 2012 / 12:20 AM / 5 years ago

Prudential says to buy Thanachart Life Assurance for $590 mln

HONG KONG, Nov 5 (Reuters) - Prudential plc said on Monday it would buy 100 percent of Thanachart Life Assurance Co Ltd, a wholly-owned life insurance subsidiary of Thanachart Bank for a total of 368 million pounds ($590.3 million).

Prudential said it would settle the purchase of 358 million pounds in cash and would pay a further 10 million pounds 12 months after the deal was completed.

The deal is subject to regulatory approval and is expected to close in the first quarter of 2013.

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