MassMutual to sell Hong Kong business for $1.68 bln

Yunfeng Financial

17/08/2017 17:08

Aug 17 (Reuters) - U.S.-based insurer MassMutual said on 
Thursday it would sell its Hong Kong business to Yunfeng 
Financial Group  0376.HK  and other Asian investors for $1.68 
billion in a cash and stock deal. 
    Yunfeng will pay MassMutual $1.01 billion in cash and 800 
million shares valued at HK$6.50 ($0.83) apiece for MassMutual 
Asia, the insurer's Hong Kong unit. http://prn.to/2iaiqjM 
    Yunfeng will own 60 percent of MassMutual Asia, while 
investors including Alibaba Group  BABA.N  affiliate Ant 
Financial Services, Singapore sovereign wealth fund GIC-managed 
City-Scape Pte, among others will own the rest. 
 
($1 = 7.8232 Hong Kong dollars) 
 
 (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai 
Sachin Ravikumar) 
 ((Aparajita.Saxena@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 806 749 8901; Reuters Messaging: 
aparajita.saxena.thomsonreuters.com@reuters.net)) 
 
Keywords: MASSMUTUAL M&A/YUNFENG FIN