Japanese insurer Sumitomo Life said Monday that it will provide Singapore Life with SGD 320 million ($234.59 million) worth of additional equity capital, a deal meant to help finance the latter’s pending takeover of a controlling stake in Aviva’s Singaporean business.
Aviva said on Friday that it will sell a controlling interest in its Singapore division to a group led by Singapore Life for SGD 2.7 billion ($1.97 billion), a move the U.K. insurer said will improve its financial position in line with a recent commitment to a narrower focus for its divisions.
A pair of special-purpose acquisition companies backed by private equity firm TPG are looking to raise a combined $800 million through initial public offerings, the latest actions amid a surge in activity for this type of investment vehicle.
Niche enterprise software company Roper agreed to acquire cloud-based insurance software vendor Vertafore for $5.35 billion, in a deal that is expected to generate substantial cash flow as insurers continue to demand technology products.
Trumid, a bond trading platform, said Wednesday it raised $200 million from backers including funds and accounts managed by BlackRock and T. Rowe Price Associates, bumping its valuation to $1 billion.
Jio Platforms continued its equity fundraising spree over the weekend with a pair of planned investments from private equity firms TPG and L Catterton, bringing in a combined 6441.30 crore (nearly $847.49 million) of new capital.