Japan Post Holdings Co, is planning to invest about $2.6 billion in Aflac Inc, aiming to become the largest shareholder in the US insurer, a person familiar with the matter said.
Japan Post, a conglomerate that spans postal delivery, banking and insurance services, plans to initially acquire a 7 to 8 percent stake in Aflac for about 300 billion yen ($2.6 billion), said the person.
Under the deal Japan Post can increase its stake to a maximum 20 percent in four years time, the person said. Aflac's current largest shareholder is Vanguard Group Inc with a 8.77 percent stake, according to data from Refinitiv Eikon.
Aflac said in a statement it was engaged in discussions with Japan Post regarding a potential minority investment in Aflac but the discussions did not involve Aflac or any of its subsidiaries becoming a member of Japan Post Group.
Aflac did not elaborate further. A spokesman at Japan Post declined to comment.