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Report: Japan's Sony Life hits roadblocks in ClearView Wealth deal

Japan-based Sony Life Insurance Co. Ltd.'s planned takeover of Australia's ClearView Wealth Ltd. is said to have hit roadblocks, including regulatory issues in Japan, The Australian Financial Review's Street Talk blog reported March 21.

Sony Life has until late April to carry out a transaction or vend its shares into a rival offer for ClearView Wealth, according to the report.

The Japanese insurer had acquired a 14.9% stake in ClearView Wealth from Australian private equity firm Crescent Capital Partners in 2016 through a two-tiered transaction. The deal included a call option over Sony Life's stake if the company did not strike a bid for ClearView Wealth within 18 months.

Representatives from ClearView Wealth declined to comment on the Japanese company's intentions on the deal, the publication noted.

Morgan Stanley is advising ClearView Wealth on the transaction, while JPMorgan is adviser to Sony Life, the report said.