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