Japan’s Meiji Yasuda Life Insurance has received all regulatory approvals in the US and Japan to complete the acquisition of US-based StanCorp Financial Group, for around $5bn.
The deal was first announced by both the firms in July last year.
Subject to customary closing conditions, the firm intends to close the merger deal on 7 March.
According to StanCorp, its each outstanding share of common stock will be converted into the right to receive $115.00 in cash on the effective date.
Based in Portland of Oregon, StanCorp offers insurance, retirement and investment products and services.
The firm provides the products and services through its subsidiaries, comprising of Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities.
Its subsidiaries provide group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance services.
In addition, they offer absence management services, retirement plans products and services, individual annuities, and the origination and servicing of fixed-rate commercial mortgage loans.
With operations in Japan, the US, Poland, China, Indonesia and Thailand, Meiji Yasuda offers group and individual life insurance, bancassurance and group annuity products.
Image: Meiji life insurance building in Marunouchi, Tokyo, Japan. Photo: courtesy of Volfgang.