Japan’s Sony takes ClearView stake
Japan-based Sony Life Insurance has picked up Crescent Capital Partners' 14.9 per cent stake in ClearView Wealth.
The transaction has been announced to the Australian Securities Exchange (ASX) today, representing the third occasion in the past five years in which a Japanese entity has taken a stake in the Australian life/risk sector.
The transaction has been valued at $1.48 per share and will not be subject to regulatory approval.
The ASX announcement said Sony Life would be represented on the ClearView Board through the appointment of a non-executive, non-independent director, with the ClearView Board being supportive of the arrangement as part of a long-term strategic relationship between the two companies.
Sony Life is a Japanese life insurance company wholly owned by Sony Financial Holding Inc. which is majority owned by Sony Corporation.
ClearView managing director, Simon Swanson, said the two companies had agreed to collaborate with a view to expanding and growing the company's distribution network in the independent financial adviser channel, enhancing the quality of strategic advice to be provided by aligned advisers and increasing recruitment and productivity of high quality and skilful aligned advisers.
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