Nippon Life to buy 85.1% stake in MassMutual Japan unit for $980m

A man walks past a logo of Japanese life insurer Nippon Life at the company's headquarters in Tokyo April 21, 2011. REUTERS/Yuriko Nakao

Nippon Life Insurance Co said on Friday it had agreed to buy an 85.1 percent stake in the domestic unit of U.S.-based MassMutual Financial Group for about 104.2 billion yen ($980 million) as it aims to boost its bancassurance sales.

Japan‘s biggest private-sector life insurer plans to pay for the stake with cash on hand and expects the deal to be completed in May or June pending regulatory approval, it said in a statement.

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