MassMutual to sell Hong Kong business for $1.68 bln

Aug 17 (Reuters) - U.S.-based insurer MassMutual said on Thursday it would sell its Hong Kong business to Yunfeng Financial Group and other Asian investors for $1.68 billion in a cash and stock deal.

Yunfeng will pay MassMutual $1.01 billion in cash and 800 million shares valued at HK$6.50 ($0.83) apiece for MassMutual Asia, the insurer's Hong Kong unit. http://prn.to/2iaiqjM

Yunfeng will own 60 percent of MassMutual Asia, while investors including Alibaba Group affiliate Ant Financial Services, Singapore sovereign wealth fund GIC-managed City-Scape Pte, among others will own the rest. ($1 = 7.8232 Hong Kong dollars) (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar)