SINGAPORE (Aug 18): Sovereign wealth fund GIC says it has joined a consortium of Asia-based investors to acquire a Hong Kong-based insurance company, MassMutual Asia, from Massachusetts Mutual Life Insurance Company for a total of consideration of about US$1.7 billion ($2.3 billion).

The investor group is led by Yunfeng Financial Group, an investment holding company in Hong Kong formerly known as Reorient Group.

Under terms of the transaction, MassMutual will receive approximately US$1.01 billion in cash and 800 million shares of Yunfeng at HK$6.50 ($1.13) per share, which roughly translates to approximately US$668 million – equivalent to 24.8% of the expanded capital of Yunfeng.

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