Mergers and Acquisitions Update: ING Sells Malaysian Insurance, RBS Sells Buildings in Germany
AIA Group will buy ING’s (NYSE:ING) Malaysian insurance division for a price between $1.5 billion and $1.7 billion, says Reuters. An announcement could be made on Thursday so long as last-minute regulatory approvals don’t interfere.
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The Royal Bank of Scotland (NYSE:RBS) divests two commercial buildings in Frankfurt and Berlin to Axa Investment Managers for a total amount of €790 million, or $1B billion, according to Bloomberg. Axa bought the assets on behalf of Norway’s $65 billion sovereign-wealth fund and for its part, RBS is continuing its strategy of selling off non-core assets.
Danaher Corporation (NYSE:DHR) and Cooper Industries (NYSE:CBE) will sell Apex Tool Group, which is their jointly owned hand and power tools business, to Bain Capital for $1.6 billion. Apex supplies Lufkin measuring tapes, crescent wrenches, and hand tools for the Craftsman brand.
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