TOKYO/HONG KONG, July 26 (Reuters) - Meiji Yasuda Life Insurance Co said on Friday it has agreed to buy a 15 percent stake in Thai Life Insurance Co as Japanese insurers step up their presence in Southeast Asia.
Financial details of the deal were not disclosed, but Reuters reported last month that Meiji Yasuda would pay about $700 million for the stake.
Meiji Yasuda, Japan’s second-largest life insurer by premium income after Nippon Life Insurance Co, beat Sumitomo Life Insurance Co to enter final negotiations in an auction that also attracted private equity firms Carlyle Group LP, KKR & Co and CVC Capital Partners.
Meiji Yasuda’s purchase will make it the fourth financial services acquisition by a Japanese firm in Southeast Asia this year, bringing the year-to-date total value of Japanese M&A deals in the region to $6.6 billion.
Barclays advised Thai Life on the deal, Thai Life said in a statement. J.P. Morgan advised Meiji, sources previously told Reuters.