Sep. 17, 2014, 10:28 AM
- investors are mostly snoozing through Manulife's (MFC +0.2%) $4B purchase of Standard Life Canada, but Scotiabank's Sumit Malhotra says these sorts of "Made in Canada" deals have in the past worked out nicely for financial services players.
- The key is the heavily oligopolistic nature of the Canadian life insurance and banking sectors - it makes big acquisitions a rarity, and means domestic players are ready to pounce when a foreign company looks to sell. The buyout price, therefore, often seems "full," but over time, says Malhotra, the purchase tends to deliver solid returns.
- Previously: Manulife to buy Standard Life's Canadian operations in C$4B deal
Sep. 3, 2014, 6:14 PM
- Manulife Financial (NYSE:MFC) agrees to acquire the Canadian operations of the U.K.'s Standard Life (OTC:SLFPF) for ~C$4B ($3.67B).
- Standard Life's Canadian business is based in Quebec, and MFC says the deal will expand its group benefit, group retirement and asset management offerings, among other businesses, for customers in Quebec and across the rest of Canada.
- As part of the deal, MFC agrees to distribute some of Standard Life's funds into Canada, the U.S. and Asia, where MFC also has substantial wealth management operations.
Jan. 13, 2013, 5:31 AMU.K. insurer Aviva (AV) and Singapore listed CIMB Group (CIMDF.OB) have reportedly agreed to sell their Malaysian insurance JV to a consortium of Canada's Sun Life Financial (SLF) and Malaysian state investor Khazanah Nasional for 1.7B ringgit ($563M). The winning bid beat Manulife (MFC) after an 8-month auction. The sale is part of Aviva's strategy of exiting non-core ops. | Jan. 13, 2013, 5:31 AM
Aug. 6, 2012, 6:33 AM
ING (ING) is likely to sell its Asian life-insurance operations in parts after no bid emerged for the whole unit that would have been likely to win regulatory approval, the WSJ reports. Separate deals could still probably bring in over $7B, but they're more complicated. Those slugging it out for various ING units include KB Financial (KB), Manulife (MFC), and Blackstone (BX).| Aug. 6, 2012, 6:33 AM
Jul. 16, 2012, 10:50 AM
ING (ING +0.3%) receives a final round of offers for its Asian life insurance ops, which should bring in over $7B. Canada's Manulife (MFC -1.2%) and Hong Kong's AIA Group are among the insurers who bid, the WSJ reports, while KB Financial (KB) made a proposal for the South Korean part of the ops, and Korea Life Insurance for the Southeast Asian section. (previous)| Jul. 16, 2012, 10:50 AM
Jul. 16, 2012, 4:18 AMBinding second-round bids for ING's (ING) Asian insurance and asset management operations are due today, and offers are rolling in from a wide range of suitors, including Dai-ichi Life Insurance and Korea Life. Also expected to bid: AIA, Manulife. A deal could be worth ~$7B. | Jul. 16, 2012, 4:18 AM
Jul. 12, 2012, 6:27 AMBlackstone (BX) is reportedly joining up with former AIA Group chief Mark Wilson and Swiss Re to bid for ING's (ING) Asian insurance business. The consortium may make a bid of €5B-€6B ($6.1B-$7.3B), which, at the upper end, would match the $7B that ING is looking for. Other bidders include AIA, Korea Life Insurance and Manulife (MFC). | Jul. 12, 2012, 6:27 AM
May 18, 2012, 3:43 AM
Manulife Financial (MFC), Metlife (MET) and Prudential (PRU) are reportedly among the suitors set to place first-round bids today for ING's (ING) Asian life insurance unit. The deal could bring in $6.5B-7B, according to sources, continuing ING's recent tear as a divestment machine.| May 18, 2012, 3:43 AM