💰SWF– Sovereign Wealth Fund
Nippon Life Reaches Agreement on TCW Minority Stake.
Nippon Life Insurance Company has agreed to buy a 24.75% minority stake in TCW Group Inc, a Los Angeles-based fixed income shop, from The Carlyle Group LP.
The Japanese life insurer has been in months-long negotiation for the ownership interest that was originally at 20%.
Carlyle Group owns the TCW stake through two funds, Carlyle Global Financial Services Partners and Carlyle Partners V. In February 2013, Carlyle Group acquired a 60% stake in TCW for approximately US$ 700 million from Société Générale SA.
The transaction is subject to certain required approvals and expected to close by the end of 2017. Post-deal, TCW employee ownership in TCW will be increased from 40% to 44.07%.
Carlyle Global Financial Services Partners will maintain a 31.18% stake in TCW.
https://www.swfinstitute.org/swf-news/nippon-life-reaches-agreement-on-tcw-minority-stake/