Reinsurance giant Swiss Re spiked to a 52-week high Wednesday on a possible Softbank deal.
Swiss Re said it’s in talks with Softbank about a “potential minority investment” and that the discussions are “at a very early stage,” according to a company release.
The Japanese investment conglomerate is eyeing a stake in Swiss Re that could be worth as much as $10 billion, according to a Wall Street Journal report, which first reported the talks.
Softbank could ultimately purchase up to a third of Swiss Re’s shares, the newspaper reported.
The Swiss company sells insurance to insurers, which fits with Softbank’s previous investments in ride-sharing companies like Uber and some of its global rivals, Didi Chuxing, Ola and Grab. These companies spend a significant amount of money on insuring drivers.
Shares of Swiss Re jumped more than 9 percent in midday trading.