Toronto-based Sun Life Financial Inc. and Kuala Lumpur, Malaysia-based Khazanah Nasional Berhad have partnered to purchase 98% of both CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a Malaysian takaful company, from CIMB Group Holdings Berhard for $586 million. (A takaful company provides insurance in compliance with Sharia law.) Sun Life and Khazanah each will pay $293 million for their respective 49% stake in the combined firms, with CIMB Group retaining 2%. The deal is expected to conclude in the first half of this year.

(fcollie@investmentexecutive.com).

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