Singapore-based group Great Eastern is in negotiations to acquire MetLife’s Malaysian business, AmMetLife Insurance, according to several sources close to the matter.
Great Eastern is reportedly conducting a thorough examination of AmMetLife and seeking regulatory approval to finalize the deal. The transaction could value the Malaysian business anywhere between $250 million and $300 million.
According to a Bloomberg report, an agreement could be reached in months, although sources also said that the negotiations could still hit hurdles that can cause the deal to collapse.
Great Eastern has shown interest in the acquisition of AmMetLife since last year, and a successful buyout would mark a major win for the Singapore group. Outside of Great Eastern, the Malaysian arm was also courted for a time by Zurich who appeared as a contender in buying a majority stake.
Both MetLife and Great Eastern declined to comment on the matter. A representative for AMMB – the other half of the joint venture that is AmMetLife – said that any announcements will be made in compliance with listing requirements.
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