KKR and Carlyle are among the bidders that have made offers to purchase a minority stake in Thai Life Insurance Co Ltd. According to insider sources who spoke on condition of anonymity, the deal is said to be worth upwards US$500 million.
Other bidders include Khazanah Nasional Bhd, Malaysia's sovereign wealth fund as the Asian insurance industry has fueled acquisition sprees throughout the insurance market across Asia. This is due to the increasing personal income of Asians allowing many families to afford insurance for the very first time. This rising middle class have caused a rapid increase in insurance stock prices and valuations. In the region itself, a number of mergers and acquisitions are currently in the pipeline.
Thai Life is Thailand's second largest insurer and remains privatized. It is now selling a 20% stake in the company. When asked for comment, Thai Life officials were not available for comment while Carlyle, KKR and Khazanah declined to comment on the pending transaction.
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