According to people who were familiar with the process, Meiji Yasuda Life Insurance Co Ltd hadentered into exclusive discussions with Thai Life Insurance Co. The said exclusive talk was about a planned acquisition of Meiji Yasuda of the 15% stake in Thai Life Insurance. The deal was priced roughly around US$700 million. The deal was a move for Japanese insurers to make a step up in Southeast Asia, sources told Reuters.
Meiji Yasuda is Japan's second biggest life insurer by premium income. The company comes next to Nippon Life Insurance Co. Meiji Yasuda beat Sumitomo Life Insurance Co Ltd after it entered final negotiations of the acquisition process. In an auction, it has attracted several private equity firms including Carlylr Group, KKR & Co Ltd and CVC Capital Partners Ltd according to sources.
A source said that the deal is expected by early next week with Sumitomo's possible comeback.
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