Jack Ma’s Yunfeng & Ant Financial Buy MassMutual Asia for $1.66 Billion
Jack Ma’s related companies, Yunfeng Financial Group and Ant Financial Services Group, and other strategic investors have entered into a transaction to buy MassMutual Asia $1.66 billion in cash and equity . MassMutual International will receive approximately USD 1.01 billion in cash (HKD 7.9 billion) and 800 million shares of Yunfeng FG at HKD 6.50 per share (total value of approximately USD 668 million), which is equivalent to approximately 24.8 percent of the expanded share capital of Yunfeng FG.
” MassMutual Asia Sold for $1.01 billion and 800 million shares of Yunfeng FG (valued at $668 million) “
Yunfeng Financial Group will hold 60% stake in MassMutual Asia and the remaining 40% held with strategic investors (40%), Meyu International Company Limited (9.8%), City-Scape Pte. Ltd. (managed by GIC’s private equity group) (7.5%), Ant Financial Services Group (5%), Sheen Light Development Limited (5%), SINA Corporation (5%), Harvest Billion International Limited (4.9%) and Giant Investment (HK) Limited (a wholly owned subsidiary of Giant Network Group) (2.8%), will hold the remaining interest in MassMutual Asia.
MassMutual, headquartered in Springfield, Mass., is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. The company’s major affiliates include asset management firms Barings LLC, and OppenheimerFunds, Inc.; as well as First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; and The MassMutual Trust Company, FSB. For more information, visit .
About Yunfeng Financial Group
Yunfeng FG is a leading Asia focused investment and financing platform principally engaged in the provision of financial services, including securities brokerage, wealth management and investment, corporate finance consultancy, ESOP (Employee Stock Ownership Plan) administration, and investment research. Combining its knowledge and experience in the internet business and the financial field, Yunfeng FG has developed and uses fintech to deliver a growing number of its services in the fields of securities trading, wealth management, employees’ shareholding service and investment research. Certain members of Yunfeng FG are licensed to carry out type 1 (dealing in securities), type 4 (advising on securities), type 6 (advising on corporate finance) and type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
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