Germany’s Allianz said on Wednesday that it was planning to buy a majority stake in Singapore’s Income Insurance for around $1.6 billion.
Allianz said it would offer 40.58 Singapore dollars per share for a transaction value of 2.2 billion Singapore dollars ($1.64 billion).
The offer by Allianz comes at a time in which the insurance sector in Singapore is experiencing consolidation and increased deal activity.
“This majority stake is expected to elevate Allianz’s presence in the fast-growing and attractive Singapore insurance market,” Allianz said.
Source: Reuters.com