Australia's Challenger soars on Dai-ichi Life signing deal to buy stake

Challenger

07/04/2025 01:55

** Challenger CGF.AX rises as much as 15.5% to A$6.40; marks biggest intraday pct gain since March 2020

** Stock hits its highest since January 31

** Japan's Dai-ichi Life 8750.T will acquire 15.1% stake in Australian insurer for 80 billion yen ($549.8 million)

** Purchase price of A$8.46 represents a 52.7% premium to CGF's Friday close

** YTD, stock up 2%

($1 = 145.5200 yen)

 (Reporting by Aaditya Govind Rao in Bengaluru)

 ((Aaditya.govindrao@thomsonreuters.com;))