Dai-Ichi Life Insurance Co will purchase U.S. peer Protective Life for $5.708 billion (582.2 billion yen), funding part of that by issuing up to 250 billion yen ($2.4 billion) in new shares, according to a regulatory filing made on Wednesday. The move was widely expected after media reports of the impending deal earlier this week. A source told Reuters on Monday that Dai-ichi Life was in advanced to talks to buy Protective Life for more than $5 billion and that it would finance part of that by raising money externally, including through the issuance of new shares. ($1 = 102.4300 Japanese Yen)
Protective Life Corporation is a holding company. Shares of PL traded higher by 0.36% or $0.21/share to $58.72. In the past year, the shares have traded as low as $36.36 and as high as $60.38. On average, 451094 shares of PL exchange hands on a given day and today's volume is recorded at 2050653.
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