Dai-ichi Life to buy $1.1 billion M&G stake in partnership
Dai-ichi Life Holdings and M&G have struck a distribution partnership that will see the Japanese firm take a roughly $1.1 billion stake in the U.K. money manager.
Japan's largest listed life insurer plans to buy about a 15% stake via on-market purchases, according to a statement on Friday. The stake would make Dai-ichi Life the largest shareholder of M&G, according to data compiled by Bloomberg.
Shares in M&G rose as much as 8.6% in early London trading, its biggest intraday gain since February 2023.
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Yomiuri Shimbun
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