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MODI STORY: Temasek Looks to Invest in ICICI Prudential Life Insurance

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India dealsSingapore’s Temasek Holdings, an Asian sovereign wealth fund, and Paris-based investment manager Carmignac Gestion are in key discussions of possibly acquiring a stake in an insurance joint venture partly owned by Mumbai-based ICICI Bank Ltd. The other owner of the joint venture is U.K.-based Prudential Plc. The joint venture was formed in December 2000. The deal to sell a 5% stake of private insurer ICICI Prudential Life Insurance Co. to Temasek and Carmignac Gestion could materialize by the end of March. ICICI Prudential Life Insurance in late February passed the Rs 1 trillion mark in assets under management.

Increasingly, sovereign wealth funds and large Canadian pensions are allocating capital to India, betting on the investment reforms initiated by Indian Prime Minister Narendra Modi such as opening the country’s insurance industry to foreign investors.

Mergermarket Gets Ready to be Sold

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Private equity firm BC Partners hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the sales of Acuris. Acuris is a collection of financial news and data sites, which includes Mergermarket, Dealreporter, and Debtwire. In 2017, BC Partners sold around a 30% stake in GIC Private Limited.

Before the rebranding to Acuris, Mergermarket was part of The Financial Times Group until 2013 when it was sold off to BC Partners.

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Why Japan Post Sees Promise in Aflac

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Aflac Inc. is an American insurance company founded in 1955. The company is the biggest provider of supplemental insurance in the United States. Aflac also has major operations in Japan.

In December 2018, Japan Post Holdings (JPHLF) signaled it was spending US$ 2.64 billion for a 7-8 % stake in Aflac. The goal is that, in four years time, Aflac will become an affiliate of Japan Post. Japan Post hopes to accomplish this by becoming the largest voting shareholder of the company. The world’s 13th largest company, with 400,000 employees, Japan Post needs to expand to chase further growth, mainly because Japan Post expects the postal business to decline. Diversification is seen as the optimal route to long term stability for the holding company. Japan’s economy is worrying. Japan’s aging population means that many insurance companies are facing a shrinking customer base, Japan Post settled on a plan to expand overseas.

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RDIF and Development Agency of Serbia Agree to Explore Joint Investments

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The Russian Direct Investment Fund (RDIF) and the Development Agency of Serbia, also known as Razvojna agencija Srbije, reached an agreement to work together to identify attractive investment projects to strengthen bilateral economic ties and increase investment flows between Russia and Serbia. Russian capital and businesses are keen on investing in Serbia.

In addition, the two countries signed an agreement to cooperate on civil nuclear energy, according to state-owned Russian reactor builder Rosatom (Rosatom State Nuclear Energy Corporation). Rosatom continues to expand it business of nuclear cooperation deals in a wide number of countries.

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