The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Japan's Dai-ichi Life Insurance Co. has agreed to buy U.S. peer Protective Life for $5.7 billion, the largest acquisition by a Japanese insurer, displaying its determination to grow overseas to counter weak prospects at home.
Dai-ichi Life, Japan's second-largest private-sector life insurer, said it will issue up to 250 billion yen ($2.4 billion) in new shares to help finance the widely expected purchase of Protective Life. The Japanese insurer will retain existing management at the Birmingham, Alabama-based target, which booked premiums and policy fees of $2.98 billion and net income of $393 million in 2013.
Read MoreM&A fever – the coming epidemic
Faced with weak growth prospects at home amid Japan's ageing population, Dai-ichi Life and other Japanese insurers have been buying assets in more dynamic markets from the United States to Southeast Asia. While the U.S. insurance market is the world's biggest, demand for insurance policies in Southeast Asia is expected to rise among the region's emerging middle class.
Under terms of the deal, Dai-ichi Life will pay $70 per share to buy 100 percent of Protective Life, a 35 percent premium to Protective's average share price in the past month. The Japanese company said it expects the deal to close sometime between December 2014 and January 2015, pending approval by the target's shareholders and regulators.
Ranked 36th among U.S. insurers by premium income, Protective Life will provide Dai-ichi Life with a growth platform in North America, the Japanese company said in a statement.
Dai-ichi Life has a precedent for deals in overseas markets boosting its performance. It bought out Tower Australia Group Ltd for $1.2 billion in 2010, and thanks to strong growth at the Australian unit, Dai-ichi Life was the only major life insurer to book an increase in premium revenues for the year ended in March 2014.
In a deal more typical of the investments made by Japanese insurers in Southeast Asia, last month Japan's largest private-sector life insurer, Nippon Life Insurance Co., agreed to buy 20 percent of Indonesia's Sequis Life for 4.87 trillion rupiah ($413 million).
Dai-ichi Life said it will issue new shares to raise up to 250 billion yen to help finance the acquisition, but has enough funds on hand to cover the rest.
Goldman Sachs is financial advisor to Dai-ichi Life and Baker & McKenzie and Willkie, Farr & Gallagher are acting as legal advisors.
Morgan Stanley is serving as financial advisor to Protective Life and Debevoise & Plimpton is serving as legal advisor, the companies said in the statements.
Dai-ichi Life shares ended up 3.6 percent at 1,499 yen on Wednesday, outperforming a 0.2 percent gain in the benchmark Nikkei average.