Baker & McKenzie (Gaikokuho Joint Enterprise) ("Baker McKenzie") advised Sumitomo Life Insurance Company ("Sumitomo Life") in connection with its acquisition of Singapore Life Holdings Pte. Ltd. ("Singapore Life"). Sumitomo Life entered into an agreement with TPG Inc. ("TPG") to acquire TPG’s 35.48% stake in Singapore Life for SGD 1.6 billion ("Transaction") on December 21, 2023.
Sumitomo Life has long seen Singapore as a key market within its overall Asia strategy and has supported Singapore Life’s expansion as a long-term strategic investor since making its initial investment in 2019. Sumitomo Life plans to acquire all remaining Singapore Life shares from their other shareholders under the same terms as in this Transaction, making Singapore Life a wholly owned subsidiary.
Singapore Life has been steadily expanding through the strength of its digital business model since its foundation. Its diverse range of products and sales channels have made it one of the leading life insurance companies in Singapore, and it has also expanded into the Philippines.
Singapore Life’s many achievements and growth potential, in addition to its close relationship with Sumitomo Life, are expected to maximize the Transaction’s synergistic effects.
Jiro Toyokawa, a partner in the Corporate/M&A Group of Baker McKenzie's Tokyo office, led the project, supported by Satoshi Abe — also a partner in the Tokyo office’s Corporate/M&A Group — and Seiji Tomimoto, a partner in the Corporate/M&A Group at the Singapore office.