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profishingrods.com December 16, 2018


SoftBank in talks with Swiss Re for minority stake

10 February 2018, 09:39 | Joann Bryant

Bloomberg’s Pavel Alpeyev reports on SoftBank’s possible purchase of a stake Swiss Re

Bloomberg’s Pavel Alpeyev reports on SoftBank’s possible purchase of a stake Swiss Re

That would translate to at least $10 billion. The company may try to offer Swiss Re's insurance products directly to consumers, including to people who drive for Uber Technologies Inc. or utilize office space from WeWork Cos., two of its investments, according to the Wall Street Journal, which reported the discussions earlier.

The company added that the negotiations are at a "very early stage".

The reinsurance giant said in a press release, "Swiss Re informs that it is engaged in preliminary discussions with SoftBank Group Corp. There is no certainty that any transaction will be agreed, nor as to the terms, timing, or form of any transaction", said. It is yet unknown whether SoftBank Group itself or the investment fund will buy the Swiss Re stake.

Softbank's CEO, Masayoshi Son, recently said the investments are part of his plans to secure the long-term growth and health of Softbank for the "next 300 years".




The stock gained 6.8 percent in Zurich on Thursday, the highest intraday rise since November 2011, and was trading 5.9 percent higher at 9:17 a.m. local time.

A year ago it bought a 15-percent stake in ride-sharing giant Uber - which sources said was worth $7.7 billion - while it also has piled cash into Uber's Chinese rival Didi Chuxing.

Swiss Re was founded in 1863 is a reinsurance company based in Zurich, Switzerland.

Swiss Re is one of the biggest reinsurers in the world and has been in operation for over 150 years.



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