Chesnara to buy HSBC Life UK in $355mln deal
The acquisition is expected to generate over 800 million pounds in additional lifetime cash flow from HSBC Life (UK), with annual cash generation exceeding 140 million pounds in the first five years, Chesnara said.
The cash consideration will be funded through a combination of existing cash resources, drawdown from the firm's revolving credit facility and an equity raise via a rights issue, the company said.
Chesnara said it intends to raise gross proceeds of about 140 million pounds through a rights issue of 79.5 million shares at 176 pence per share, with shareholders getting 10 new ordinary shares for every 19 shares they currently hold.
The acquisition is expected to close in early 2026, subject to regulatory approvals.
($1 = 0.7327 pounds) (Reporting by Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi Aich)
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