Daiichi Life offers $4.4 billion to buy rest of Challenger

Daiichi Life Group has offered to buy the rest of Challenger in a deal that values the Australian company at around $5.5 billion.

Challenger received an indicative offer from TAL Daiichi Life Australia Pty, a unit of Daiichi Life, to acquire the remaining 79.5% of Challenger shares at A$11.80 per share, according to a statement.

Established in 1985, Challenger is Australia’s largest provider of annuities.

Daiichi Life began investing in Challenger last year.