PE, strategics bid for Thai Life Insurance stake – report
A clutch of private equity firms and strategic investors have reportedly entered the bidding for a 20% stake in Thai Life Insurance, with the deal expected to reach around $500 million.
According to Reuters, The Carlyle Group, KKR and CVC Capital Partners are among the interested parties, alongside two Japanese insurers, Meiji Yasuda Life Insurance and Sumitomo Life Insurance. Malaysian sovereign wealth fund Khazanah Nasional is also in the hunt. First round bidding closed on Monday.
The Thai Life auction could herald a string of Asian insurance deals, with Malaysia's AMMB Holdings expected to sell a stake in its life insurance business, Bank Negara Indonesia seeking buyers for up to 40% of BNI Life, and Indonesia's Panin Life also reportedly on the block.
One of the largest private equity deals of 2012 saw a group led by Affinity Equity Partners pay KRW1.2 trillion ($1.1 billion) for a 24% stake in Korea's Kyobo Life Insurance.
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