Deals
Allianz to Buy Income Insurance in $1.6 Billion Asia Push
- Takeover to turn Allianz into No. 4 composite insurer in Asia
- German company to buy at least 51% for S$40.58 a share
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Allianz SE agreed to buy a majority stake in Singapore’s Income Insurance Ltd. for about S$2.2 billion ($1.6 billion) to strengthen its presence in Asia.
The German company plans to acquire at least 51% of Income Insurance for S$40.58 a share, it said in a statement from Munich Wednesday, confirming an earlier Bloomberg News report. NTUC Enterprise Co-operative Ltd. will retain a substantial stake in Income Insurance.