Yunfeng Financial Group $1.7 billion acquisition of MassMutual Asia

18/8/2017
Public acquisition

$ 1.7 billion

Announced

18/8/2017


Overview:

  • An investor group led by Jack Ma-backed brokerage house Yunfeng Financial Group has acquired US insurer Massachusetts Mutual Life Insurance's Asia unit for $1.7 billion.
  • MassMutual Asia was sold in a cash and stock deal to Hong Kong-listed Yunfeng—and a consortium of Asian investors including Alibaba Group Holding, an affiliate of Ant Financial Services Group—for $1.01 billion in cash and $668 million worth of Yunfeng shares.
  • Yunfeng now holds a 60% majority stake in Hong Kong-based MassMutual Asia, while others such as Singapore sovereign wealth fund GIC affiliate City-Scape, Ant Financial, and Sina Corp each hold a minority interest.

Adam Majeed - Regional editor

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