LONDON (dpa-AFX) - M&G Plc (MNG.L), a British investment manager, said on Friday that Dai-ichi Life Holdings, Inc. intends to buy around a 15% stake in M&G Plc through on-market purchases with no change to M&G's issued share capital.
Post transaction, the Japanese insurance firm will have the right to appoint a director to the Board of M&G Plc for as long as it holds at least a 15% stake.
This proposed transaction serves as part of a new strategic partnership, where, among other things, M&G will become Dai-ichi Life's preferred asset management partner in Europe. This partnership will also boost M&G's expansion in European private markets and open new potential sources of business flows in Japan and across Asia.
The partnership is anticipated to deliver at least $6 billion of new business flows for M&G and $2 billion of new business flows for Dai-ichi Life over the next five years.
M&G expects the partnership to drive improved long-term new business flows and adjusted operating profit.
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