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6762 Holdings agrees to acquire National Life Insurance

6762 Holdings Corp. has agreed to acquire 1.5 million commonshares of National Life Insurance Co. of the Philippines from the country'sInsurance Commission for 1.05 billion pesos.

The proposed deal also involves National Life Insurance's premiumdeposit fund, agency retirement fund, advances from shareholders and relatedparties and deposit for future subscription accounts, according to a May 10news release.

6762 Holdings, led by Ricardo Cuerva and Ricardo Veloso,signed an agreement with the commission after it emerged as the winning bidderfor the insurer. At least five firms participated in the bidding process,including a bank and a life insurance company.

The agreement contains provisions that must be complied withbefore the deal is complete.

As of May 11, US$1 wasequivalent to 46.49 Philippine pesos.