Sumitomo will also pay around $0.5 billion for the two debt instruments that Aviva holds, bringing the total sum to $1.4 billion.
Sumitomo Life Insurance Company, a mutual life insurance company in Japan, has entered into an agreement to acquire Aviva Group Holdings’ entire 25.94% stake in Singapore Life Holdings (Singlife) for a consideration of $0.9 billion.
The Japanese insurance company currently owns a 23.22% stake in Singlife.
