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Meiji Yasuda Life Insurance Co., the nation’s third-biggest life insurer, said it agreed to buy a 15 percent stake in closely held Thai Life Insurance PCL to meet rising demand in the Southeast Asian nation.

The deal is worth about ¥70 billion, one of two people briefed on the transaction said earlier, asking not to be identified as the process is private. Meiji Yasuda will appoint one director to the board of Thai Life, the Japanese insurer said in the statement posted on its website. The statement didn’t give a value for the deal.

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