Meiji Yasuda Life Insurance Co. revealed that it has agreed to buy a 15% stake in Thai Life Insurance Co. The announcement came amid the company's efforts to step up their position in Southeast Asia. The announcement confirms that Meiji Yasuda had beaten private equity firms such as KKR & Co., CVC Capital Partners, and Carlyle Group LP in the bid to own the 15% stake in Thai Life.

Meiji Yasuda also beaten Sumitomo Life Insurance Co to enter final discussions in the bid for Thai Life's shares.

Media reports in June said that Meiji Yasuda would probably have pay approximately US$700 million for the 15% share. The official terms and financial specifics of the transaction, however, were not disclosed.

Meiji Yasuda's acquisition is the fourth financial institution buyout by a Japanese firm in Southeast Asia this year. The year-to-date total value of all Japanese mergers and acquisitions deals in the region have now risen to around US$6.6 billion.

Thai Life confirmed that they were advised by Barclays on the deal. J.P. Morgan, on the otherhand, advised Meiji during the transaction.