Sumitomo Life Insurance Company (Sumitomo Life), a substantial shareholder in Singlife, has reached a binding agreement to acquire all shares held by TPG in Singlife. TPG, which has been an investor since 2020, currently owns approximately 35% of Singlife. In addition to this acquisition, Sumitomo Life plans to extend an offer to purchase shares from all other remaining shareholders. If these offers are fully accepted, Sumitomo Life will secure complete ownership of Singlife, valuing the company at SGD4.6bn. This valuation ranks the deal as one of the largest in the Southeast Asian insurance sector. This agreement follows Sumitomo Life’s recent purchase of Aviva plc’s stake in Singlife, initially announced on September 13, 2023. The transactions are expected to be finalised in the first quarter of 2024, pending regulatory approvals in Japan and Singapore.
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