MassMutual International has wrapped up the sale of Hong Kong-based MassMutual Asia to Yunfeng Financial Group and other Asia-based investors.

As per the agreed terms of the deal, MassMutual International will receive nearly $1.01bn in cash and 800 million shares of Yunfeng Financial Group.

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On the other hand, Yunfeng Financial Group will take a 60% interest in MassMutual Asia. The remainder will be owned by the seven investors.

These investors are Meyu International, City-Scape, Sheen Light Development, SINA, API (Hong Kong) Investment, Harvest Billion International, and Giant Investment (HK).

As part of the deal, MassMutual International will have representation on the Yunfeng Financial Group and MassMutual Asia boards.

At the same time, MassMutual and Yunfeng Financial Group will collaborate to explore business opportunities.

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MassMutual International chairman, president and CEO Eddie Ahmed said: “This transaction provides us with the ability to capitalise on the long-term success and value of MassMutual Asia, creating a true, full service financial services firm, well-equipped to serve a wide range of customers – from high net worth individuals to an emerging universe of customers with rising incomes.

“Further, through our ongoing stake in the combined Yunfeng and MassMutual Asia business, we will continue to capitalise on an expanding number of opportunities in this tremendous, growing and dynamic part of the world.”

Yunfeng Financial Group chairman Yu Feng added: “MassMutual Asia’s insurance products will broaden Yunfeng FG’s financial product offerings and significantly contribute to the building of its financial service ecosystem, given that insurance and annuity products are indispensable in overall financial planning.”