Japanese Buy Into PaineWebber
- Share via
NEW YORK — The investment firm PaineWebber Group Inc. announced today it has agreed to sell an equity stake of up to 25% to Yasuda Mutual Life Insurance Co., one of Japan’s biggest life insurance concerns.
Yasuda agreed to buy about 6.74 million shares of PaineWebber’s Series A cumulative convertible exchangeable voting preferred stock for $300 million and will receive warrants to buy an additional 375,000 common shares. The transaction, which had been under negotiation since Aug. 19, is the latest in a recent series in which Wall Street firms have sought major outside investors.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
