PINAULT BUYS LIFE INSURANCE FIRM IN JAPAN
PARIS — Francois Pinault, the man who made headlines last month selling Sanofi Beaute along with its Yves Saint Laurent ready-to-wear and fragrance business to Gucci, is busy doing deals all over the world — and not just in luxury goods.
On Tuesday, his Artemis holding company announced that it had completed its acquisition of Japan’s Aoba Life Insurance Company Limited for nearly $245 million. The deal, first announced in September, marks the first time a Japanese life insurance company was bought by a non-Japanese corporation, and the first time such a transaction was approved by Japanese insurance regulatory authorities, Artemis said in a statement.
“We are pleased to announce the completion of this transaction that represents our first significant investment into the Japanese market,” said Pinault.
Aoba, an insurance policy maintenance and management company, was acquired by Tawa SA, a French corporation owned by Artemis, created for the transaction.