Yuanta Financial Holding Co., Ltd. completed the acquisition of New York Life Insurance Taiwan Corporation from New York Life Enterprises LLC.
January 01, 2014 at 09:30 am IST
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Yuanta Financial Holding Co., Ltd. (TSEC:2885) signed a share purchase agreement to acquire New York Life Insurance Taiwan Corporation from New York Life Enterprises LLC for TWD 100 million in cash on June 25, 2013. Yuanta Financial will acquire 666.5 million shares of New York Life Insurance Taiwan. The record date for the transfer of equity will be determined after obtaining approval of the competent authority and completion of the terms for closing as provided in the agreement. The transaction is subject to Financial Supervisory Commission. If the transaction is not completed 120 days after the signing of the agreement, the agreement may extend it for another 60 days under specific conditions. This agreement may be terminated when both parties agree or when the approval of the competent authority for the deal concerned cannot be obtained. The transaction is approved by the Board of Yuanta. As of August 7, 2013, the Fair Trade commission approved the transaction. As of December 25, 2013, Financial Supervisory Commission approved the transaction. Goldman Sachs acted as financial advisor to Yuanta Financial Holding. Deutsche Bank AG acted as financial advisor for New York Life. David Grosgold of Debevoise & Plimpton LLP acted as legal advisor for New York Life Insurance, parent company of New York Life Enterprises LLC.
Yuanta Financial Holding Co., Ltd. (TSEC:2885) completed the acquisition of New York Life Insurance Taiwan Corporation from New York Life Enterprises LLC on January 1, 2014.
Yuanta Financial Holding Co., Ltd. is a Taiwan-based financial holding company mainly engaged in the financing businesses. The Company mainly conducts investment business and business management business. The Company mainly invests in financial holding company, banking, voucher finance, credit, trust, security, and other financial related businesses. The company's main businesses include voucher, banking, life insurance, investment trust and others.