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