Nippon Life to buy Nichii Holdings for about $1.41 billion

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November 28, 2023 4:20 AM EST

The logo of the Nippon Life Insurance Co. is displayed at the company's headquarters in Tokyo, Japan. February 26, 2019. REUTERS/Hideyuki Sano/File Photo

TOKYO (Reuters) -Nippon Life Insurance plans to acquire Nichii Holdings, the parent company of nursing care provider Nichiigakkan, for about 210 billion yen ($1.41 billion), a Nippon Life spokesperson said on Tuesday, as the country's population ages rapidly.

Nippon Life has agreed to buy a 99.6% stake in Nichii Holdings from a fund linked to Bain Capital and other shareholders, the spokesperson said.

The company, however, is still in talks with regulators to get approval for the deal, the spokesperson added.

Bain Capital bought Nichiigakkan in 2020 for $1.2 billion.

($1 = 148.6700 yen)

(Reporting by Makiko Yamazaki, Mariko Katsumura, Kantaro Komiya, Kiyoshi Takenaka; Editing by Edmund Klamann; Kirsten Donovan)


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