US Private Equity Firm Blackstone Invests $200 Million in Partners Life
Partners Life, the life insurer based in Auckland announced that US private equity firm Blackstone is investing $200 million in the company and will hold lesser than fifty percent with "a significant minority shareholding". However the specific level of holding was not disclosed.
The other share holders of Partners Life like Maui Capital and Rangatira Investments would also continue as co-investors side by side with the U.S private equity firm which is subject to regulatory and shareholders' approval.
Naomi Ballantyne, founder and managing director of Partners Life, "The $200 million is all new capital, meaning existing shareholders will remain co-invested alongside Blackstone."
She said that, the new investment will provide the firm's requirement for medium-term capital which will also finish its requirement for looking for more money in the equity markets.
When the conditions are right, Ballantyne says "We intend to go for a public listing." She added that the support from Blackstone now and in the future listing process will permit the company to strengthen its leading position in the market in New Zealand.
Kishore Moorjani, senior managing director of Blackstone said his firm was impressed with Partners Life's management team and the growth they have achieved through its customer focused approach.
- Nikola Motors puts hydrogen fuel-cell semi truck Badger project on back burner
- BMW expands vehicle recall over battery issue to more than 4,500 U.S. plug-in hybrids
- Karma Automotive announces attractive price tag & unique features for upcoming GSe-6 electric sedan
- Twin River acquires iconic Bally’s brand from Caesars Entertainment for $20 million
- Wynn Resorts’ Encore to close for 3 days a week due to low demand