Japanese Buy Into PaineWebber
Associated Press
NEW YORK —
The investment firm PaineWebber Group Inc. announced today it has agreed to sell an equity stake of up to 25% to Yasuda Mutual Life Insurance Co., one of Japan’s biggest life insurance concerns.
Yasuda agreed to buy about 6.74 million shares of PaineWebber’s Series A cumulative convertible exchangeable voting preferred stock for $300 million and will receive warrants to buy an additional 375,000 common shares. The transaction, which had been under negotiation since Aug. 19, is the latest in a recent series in which Wall Street firms have sought major outside investors.
