Latham & Watkins Advises Nippon Life in US$3.84 Billion Acquisition of Stake in Corebridge Financial

Nippon Life Insurance Company (Nippon Life) announced that it has reached an agreement with Corebridge Financial, Inc. (Corebridge) and its parent company, American International Group, Inc. (AIG), on May 16, 2024, to acquire a 20% equity interest in Corebridge. Nippon Life establishes a strategic partnership with these two companies through this acquisition to further enhance the value of Corebridge. The acquisition amount is expected to be approximately US$3.84 billion (approximately JPY 595 billion), which will be funded by cash on hand. The transaction is subject to procedures related to regulatory approval as well as notification of the relevant authorities in relation to the acquisition.

Latham & Watkins LLP represents Nippon Life in the transaction with a cross-border corporate deal team led by Tokyo partner Hiroaki Takagi and Chicago partners Bradley Faris and Jason Morelli, with associates Nicholas Cavallo, Tyler Arnfelt, Katie Connelly, Leah Beukelman, and Danni Wang. Advice on corporate matters is also being provided by Tokyo partners Hiroki Kobayashi and Yohei Nakagawa; on tax matters by Chicago partner Diana Doyle; on insurance matters by New York partners Gary Boss and Analisa Dillingham and New York counsel Alexander Traum, with associate Teresa Wendel; on compensation and benefits matters by Chicago partner Benjamin Rosemergy, with associates Victoria Wolfe and Tayler Evan Daniels; on foreign direct investment matters by Washington, D.C. partner Jim Barker and Washington, D.C. counsel Catherine Hein, with associates Julie Choi Shin and Amulya Vadapalli; and on antitrust matters by Century City/Washington, D.C. partner Makan Delrahim, Frankfurt partner Max Hauser, Hamburg partner Jana Dammann, and Washington, D.C. counsel Britton Davis, with associates Charlie Beller, Markus Welzenbach, and Charles McGrath.