Alternative Investments: A Bidding War For Voya Financial May Happen This Year
The Financial Times says that the rumors of a buyout are getting louder.
Voya Financial may become a possible takeover target in the coming months, according to the Financial Times. The report indicates that the former ING Group insurance unit and retirement plan provider has explored a possible sale. Voya reportedly spoke with AIG, Principal Financial Group, and Prudential Financial in 2019 about a deal.
The price tag, says Barron’s, is in the range of $10 billion. That figure suggests that other large bidders may come in, particularly in the private equity space. Various reports link Apollo Global Management and Carlyle Group as possible PE bidders. Lincoln Financial and Sun Life Financial are also listed. Voya’s spokesperson declined to comment on the subject.
Is Voya Financial for Sale?
Voya went public in 2013 as part of broader divestitures out of ING, a firm that took a $10 billion bailout in 2008. The firm transformed under the leadership of CEO Rodney Martin. The company has shed capital-intensive divisions in recent years. Voya also sold its annuity business to a group of investors led by Apollo Group. It also shed a large chunk of its life insurance business for $1.25 billion to Resolution in December.
Latest Alternative Investment News
The Chinese ride-hailing megacorp, DiDi Chuxing, has agreed to collaborate with the Digital Currency Research Institute of the People’s Bank of China (PBoC) on the DCEP – the CBDC under…
The theme of the conference is “Intelligent Connectivity, Indivisible Community.” Researchers, entrepreneurs, and officials from across the globe are discussing the emerging trends in artificial intelligence.
Sony (NYSE: SNE) announced Thursday its deal to buy a minority stake in Epic Games, the private company behind the battle-royale juggernaut of a game known as Fortnite. It is…
SoFi becomes one more fintech looking to crossover into mainstream banking after it filed a de novo application with the Office of the Comptroller of the Currency (OCC) for a…