Challenger (ASX: CGF) has confirmed that Dai-ichi Life will acquire the 15.1% minority interest previously held by MS&AD Insurance Group. The sale was transacted at approximately $8.46 per Challenger share, representing a 53% premium to the recent closing share price. Dai-ichi Life Australia, a subsidiary of Dai-ichi, will conduct the acquisition, pending regulatory approvals from the Australian Foreign Investment Review Board and the Australian Prudential Regulation Authority.
TAL’s CEO, Fiona Macgregor, emphasized the long-term commitment to the retirement income solutions sector reflected by this investment. Challenger’s Managing Director, Nick Hamilton, welcomed Dai-ichi, highlighting the potential for a mutually beneficial relationship to support strategic objectives. Challenger and MS&AD’s reinsurance partnership will continue unaffected. Upon completion of the acquisition, MS&AD’s executive, Masahiko Kobayashi, will step down from Challenger’s board.
