Monday, March 01, 2010

Prudential to buy AIG Asia for $35.5 billion

Posted by Plus Master at 11:03 AM
 

Britain's No. 1 insurer said it would finance the buy through a rights issue of $21 billion including costs and fees, a record for an acquisition-related cash call, and by raising $5 billion of debt.

The acquisition increases Prudential's already strong exposure to soaring demand for personal financial services in Southeast Asia as rapid economic growth there lifts consumer spending power, compensating for at-best sluggish growth in Britain.

 

"Transformational is an overused word, but this deal is truly transformational," Prudential Chief Executive Tidjane Thiam told reporters. The British company reported the deal on Monday, confirming an earlier Reuters report.

 

Buying American International Group Inc Asian arm, AIA, will lift the proportion of Prudential's new business profit generated in Asia to 60 percent from 44 percent, while roughly trebling its Asian customer base to 30 million, the company said.

 

Read the full story here on the Reuters website.
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