Exeter finance, the global insurer that operates in the US, has agreed to buy Yamaha Motor Finance, a Japanese company, for $9.5 billion.
Exeter will pay $4.25 per share for the company, the world’s fourth-largest insurer, which will also acquire another Japanese firm, YASCO.
Existon will pay a $10.5 per share cash payment.
Yamaha Motor Finances will retain its US headquarters and its business, the company said in a statement.
“Yamaha has been instrumental in shaping the global financial landscape since its founding in 1948, and it remains a leader in motor finance.
We’re thrilled to bring Existon into the Existon family,” said Doug Peterson, Existon chief executive officer.
The deal is expected to close in the first half of 2019, with the deal value estimated at $9 billion, according to Bloomberg.
Existing investors include a consortium led by the US state of Utah, as well as the California-based company Alcoa.
Existential threat of extinction