ClearView adds Sony Life as strategic shareholder

Company News

by David Chau

The Sony Life Insurance Co Ltd, which is a Japanese life insurer, has agreed to buy a 14.9% stake in Australian financial services company, ClearView Wealth Ltd (ASX:CVW).

Sony Life is a wholly-owned subsdiary of Sony Financial Holdings, which is listed on the Tokyo Stock Exchange. Sony Financial is in turn 62.1% owned by the Sony Corporation.

Sony Life will buy ClearView shares at $1.48 each per share in an off-market transaction which isn’t subject to regulatory approval.

After this deal, Sony Life will become a strategic shareholder of ClearView, and will be represented on the Board via a non-executive, non-independent director.

ClearView posted a net profit of $23.6 million at 30 June 2016.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?