Sun Life Financial Inc., the Canadian financial services and life insurance company, is reportedly vying to acquire Hong Kong insurer FTLife Insurance Co. in a deal that could value more than $3 billion, according to sources at Bloomberg.
Sun Life is said to be competing in a second round of bidding in the coming weeks to determine whether it can purchase the insurer from its owner, Chinese investment firm JD Capital.
Other bidders include Chinese conglomerate Chow Tai Fook (Holding) Ltd. and Asian alternative asset manager PAG, which has discussed the potential for a joint offer with Singapore sovereign fund GIC Pte, people familiar with the matter told Bloomberg.
Sources stipulated that no final decisions have yet been made and noted that companies may decide against submitting offers, while other bidders could still emerge.
JD Capital acquired FTLife from Ageas SA in 2016 for $1.38 billion. It was formerly known as Ageas Insurance Company (Asia) Limited and was rebranded following the deal.
