Deals
Prudential Signs $753 Million Thai Deal With Tycoon Li’s FWD
- Prudential will buy exclusive rights to sell products via TMB
- Payment will be made in two installments, with first in April
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Prudential Plc, the U.K. insurer besieged by activist investor Third Point, has agreed to acquire a bancassurance partnership in Thailand from FWD Group Ltd. in a 24.5 billion baht ($753 million) deal.
Prudential’s Thai unit will buy the exclusive rights from FWD to sell life insurance products through TMB Bank Pcl, the Thai lender said in an exchange filing on Thursday, confirming an earlier Bloomberg report. The initial term for the partnership is 15 years and Prudential will pay in two installments, with 12 billion baht due next month, according to a separate statement by the U.K. insurer.