Swiss Re has revealed it is engaged in preliminary talks with a Japanese conglomerate for a possible “minority investment” in the reinsurer.
“Discussions are at a very early stage,” said Swiss Re in a brief statement. “There is no certainty that any transaction will be agreed, nor as to the terms, timing, or form of any transaction.”
A report by The Wall Street Journal, however, described the talks with SoftBank Group Corp. as advanced, with the reinsurance giant’s management said to have met recently with top officials in Tokyo – including SoftBank chairman and chief executive Masayoshi Son.
Citing people privy to the deal in the works, the newspaper added that as much as a third of Swiss Re’s shares could be sold to SoftBank. That would translate to at least $10 billion.
Meanwhile in an unrelated release issued by SoftBank yesterday, it noted a ramping up of its investments on a global scale.
“SBG is currently accelerating its global investment activities through the SoftBank Vision Fund and other vehicles to drive overall growth for the SoftBank Group,” said the Japanese firm.
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