Japan's Orix to buy $200m stake in Bahrain's Medgulf

Orix agrees to buy 25.7% interest in Mediterranean and Gulf Insurance and Reinsurance Company

(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Japan's Orix Corp said on Wednesday it has agreed to buy a 25.7 percent stake in Bahrain-based insurer Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf) for a little over $200m.

It is the latest deal by a Japanese financial company seeking growth overseas amid weak prospects at home.

Orix expects to complete the deal by the end of June pending regulatory approval, it said in a statement. Orix will have two seats on Medgulf's board and another on the board of a Medgulf subsidiary.

Medgulf is a holding company of insurance businesses in markets including Saudi Arabia, Lebanon and Jordan and provides a range of insurance products.

After the deal, Medgulf will be 60.2 percent owned by SLH Holdings, 25.7 percent by Orix and 14.1 percent by International Finance  Corp, Orix said.

Orix is a diversified financial services company with businesses ranging from leasing, life insurance, real estate and corporate lending and a professional baseball team.

In February, it agreed to agreed to buy Dutch asset manager Robeco from its owner, Rabobank, for 1.935 billion euros ($2.57bn) in a cash-and-stock deal.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking