Japanese insurance titan Mitsui Sumitomo Insurance Co. Ltd. revealed Monday that it will secure a minority stake in Barings LLC — the MassMutual-owned global asset manager — through a $1.44 billion transaction crafted by three powerhouse law firms. The move signals a sweeping play in the international asset management arena, as Mitsui aims to expand its global financial footprint.
A High-Value Move Into Global Asset Management
Under the agreement, Mitsui Sumitomo — part of MS&AD Insurance Group Holdings Inc. — will buy 18% of Barings using a mix of cash reserves and external financing, the company said in its announcement. The investment marks one of the most significant strategic steps in MS&AD’s ongoing push to reshape its business portfolio and strengthen its asset management arm.
Legal counsel for the deal was split among elite law firms: MS&AD and Mitsui Sumitomo relied on Nagashima Ohno & Tsunematsu and Cravath Swaine & Moore LLP, while Simpson Thacher & Bartlett LLP represented MassMutual.
