TowerAustralia has announced that Dai-ichi Mutual Life Insurance Company, Japan’s oldest mutual life insurance company and one of the world’s top 10 life insurers based on premium income, has become a cornerstone shareholder in Tower.

Dai-ichi has agreed to purchase Guinness Peat Group’s entire 29.7 per cent shareholding in Tower, of which 14.9 per cent has been acquired unconditionally at a price of $3.75 per share, 5 per cent will be acquired subject to regulatory approval and 9.8 per cent is subject to both regulatory and Tower shareholder approval.

Tower believes Dai-ichi has the skills, capability, business contacts and expertise to benefit it considerably, including in the development of technology.

The new relationship will also grant Tower access to Dai-ichi’s training, knowledge, experience and information technology systems as well as possible funding for expansion and strategic investments.

Tower has indicated that there will be no change in its management or strategy, however it said it will explore the possibility of transferring appropriately skilled employees of Dai-ichi to Tower.