Swiss Re in talks to sell stake to SoftBank

Tokyo

SWISS Re said it is in preliminary talks to sell a minority stake to SoftBank Group, a deal that reportedly could be worth US$10 billion or more, in what would be the Japanese firm's biggest financial services deal to date.

The potential sale of up to one-third of the Swiss reinsurer at a premium as reported by the Wall Street Journal would also mark the broadening of already sky-high ambitions that have already seen it raise US$93 billion to form its Vision Fund for technology investments. "Swiss Re informs that it is engaged in preliminary discussions with SoftBank Group Corp regarding a potential minority investment in Swiss Re," the world's second-largest reinsurer said.