Private equity firm LeapFrog Investments Pty. Ltd. acquired a 19% stake in Sri Lanka-based Softlogic Life Insurance PLC from Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, or FMO, for US$12 million.
Under the transaction, LeapFrog subsidiary Dalvik Inclusion (Pvt.) Ltd. bought 71,250,000 shares of Softlogic Life from FMO, according to a Dec. 19 filing. The acquisition makes LeapFrog Investments a key shareholder of Softlogic Life, along with Softlogic Capital PLC and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH.
As of Dec. 19, US$1 was equivalent to 180.35 Sri Lankan rupees.