Nippon Life to Acquire Nissay Stake from Putnam Investments

April 18, 2018

On February 1, 2018, Nippon Life Insurance announced that it had agreed to acquire Putnam Investments’ stake in Nippon’s subsidiary, Nissay Asset Management.

Nippon Life Insurance Company (“Nippon Life”) will acquire the shares of its subsidiary, Nissay Asset Management Corporation (“Nissay Asset”) or the 10% stake of Nissay Asset owned by Putnam Investments (“Putnam”) and in exchange, Putnam will acquire the shares of its subsidiary, PanAgora Asset Management (“PanAgora”) or the 20% stake of PanAgora owned by Nippon Life. As a result of the transaction, PanAgora and Nissay Asset will become wholly owned subsidiaries of Putnam and Nippon Life, respectively. Further terms of the transaction were not disclosed.

Nippon Life, established in 1889, is a life insurance business based in Osaka, Japan. Nissay is Nippon Life’s 90% owned subsidiary with ¥10,697.6 billion in assets under management as of the end of March 2017.

Putnam, established in 1937 and based in Boston, is subsidiary of Canada-based Power Financial Corporation and a United States asset management company with PanAgora as it United States asset management subsidiary. PanAgora is Putnam’s asset management subsidiary with $53.9 billion in assets under management as of the end of 2017. Putnam has $171.5 billion in assets under management as of the end of 2017.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions