Nippon Life To Buy 24.75% Stake In TCW From Carlyle Group

(RTTNews) - TCW Group, a global asset management company, said Friday that Nippon Life Insurance Company, Japan's largest private life insurance company, will buy a 24.75% minority stake in TCW from The Carlyle Group (CG).

Upon the close of the transaction, TCW's employee ownership will increase to 44.07% and Carlyle will maintain a significant interest in the company with its long duration private equity fund, Carlyle Global Partners, acquiring a 31.18% stake. Financial terms of the transaction were not disclosed.

The transaction is subject to certain required approvals and expected to close by the end of 2017.