The Financial Times has reported that re/insurance giant AIG, life insurer Prudential Financial and asset manager Principal Financial Group were among the companies interested in acquiring U.S. retirement plan provider, Voya Financial.
According to people briefed on the matter, says the Financial Times, Voya held discussions with AIG, Prudential, Principal Financial and other firms late last year that are interested in acquiring the company.
The same people explained that none of the talks resulted in a deal and that Voya’s Board of Directors remains open to a sale and could look at this again in the coming months.
The Financial Times adds that one of the people briefed on the matter said that an acquisition could value Voya at USD 10 billion or higher, which is above its current USD 8 billion market capitalisation.
AIG, Prudential and Principal declined to comment on the matter, while Voya told the Financial Times that it does not comment on rumour or speculation.
In December of last year, Resolution Life Group Holdings Ltd entered into an agreement to acquire the in-force individual life business of Voya for a total consideration of USD 1.25 billion.