June 4, 2014 / 12:45 AM / in 4 years

Dai-Ichi Life to buy Protective Life for $5.7 billion: filing

TOKYO (Reuters) - Dai-Ichi Life Insurance Co (8750.T) will buy U.S. peer Protective Life PL.N for $5.708 billion (582.2 billion yen), funding part of that by issuing up to 250 billion yen ($2.4 billion) in new shares, according to a regulatory filing made on Wednesday.

    The move was widely expected after media reports of the impending deal earlier this week. A source told Reuters on Monday that Dai-ichi Life was in advanced to talks to buy Protective Life for more than $5 billion and that it would finance part of that by raising money externally, including through the issuance of new shares.

    Reporting by Emi Emoto and Taiga Uranaka; Writing by Chang-Ran Kim; Editing by Chris Gallagher

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