Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom have the lead roles on U.S. insurer Massachusetts Mutual Life Insurance Co.’s $1.7 billion sale of its Asia unit to an investor group led by Jack Ma-backed brokerage house Yunfeng Financial Group Ltd.
In a cash and stock deal announced on Thursday, the Springfield, Massachusetts-based company agreed to sell MassMutual Asia Ltd. to Hong Kong-listed Yunfeng Financial and a consortium of Asian investors including Alibaba Group Holding Ltd. affiliate Ant Financial Services Group for $1.01 billion in cash and $668 million worth of Yunfeng Financial shares.
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