Japanese telecommunications company SoftBank Group Corp. is moving closer to a deal to acquire a 25% stake in Swiss Re AG at between CHF100 per share and CHF105 per share, Bloomberg News reported, citing "people with knowledge of the matter."

The upper price range of CHF105 per share represents a 16% premium to Swiss Re's closing price Feb. 7, a day before it confirmed a report by The Wall Street Journal that it was in talks with SoftBank about a potential minority investment. At that price, a quarter of the reinsurer would be valued at $9.6 billion and the entire company at up to CHF37 billion.

The sources said the terms of the potential transaction may still change or an agreement may not be reached at all.

In late February, Swiss Re CEO Christian Mumenthaler said during an earnings call that SoftBank's focus on technology investments and high-growth markets were attractions to the reinsurer, which was "carefully evaluating" the financial impact of the potential deal.