Ashurst Advises as Nippon Life Buys Aussie Insurer for $1.7B
The Japanese company is purchasing a majority stake in National Australia Bank subsidiary MCL Ltd.
October 27, 2015 at 08:51 PM
2 minute read
Ashurst is representing Japan's Nippon Life Insurance Co. on a proposed $1.7 billion bid for National Australia Bank subsidiary MCL Ltd.
NAB will carve out its wealth management business from MCL prior to the deal, leaving only the life insurance business. Osaka-based Nippon Life will then acquire an 80 percent majority stake in the new MCL Life, and NAB will hold the remaining 20 percent.
The deal is Nippon Life's first overseas majority acquisition and is part of the company's attempts to seek growth in markets outside of Japan. Many Japanese companies, including those in the insurance industry, have sought growth overseas in the face of an aging population and stagnant economy.
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