Swiss Re (SRENH. S) is in preliminary discussions with Japan’s SoftBank Group (9984. T) on a potential minority investment in the Swiss reinsurer, the Zurich-based group said on Wednesday.
ZURICH (Reuters) – Swiss Re ( SRENH. S) is in preliminary discussions with Japan’s SoftBank Group ( 9984. T) on a potential minority investment in the Swiss reinsurer, the Zurich-based group said on Wednesday.
The statement followed a report in the Wall Street Journal that the two groups were in advanced talks on a deal that could be worth $10 billion or more.
The report, citing sources familiar with the matter, said the deal under discussion was for the purchase of up to a third of Swiss Re’s shares at a premium. Such a deal would make SoftBank the largest investor in the reinsurance group.
“Swiss Re informs that it is engaged in preliminary discussions with SoftBank Group Corp regarding a potential minority investment in Swiss Re,” the world’s second largest reinsurer said.
