Challenger (ASX:CGF) said Dai-ichi Life subsidiary, TAL Dai-ichi Life Australia, agreed to acquire a 15.1% minority interest in the company from MS&AD Insurance Group at 763 yen per share, according to a Monday filing with the Australian bourse.

The share sale is subject to regulatory approvals from the Australian Foreign Investment Review Board and the Australian Prudential Regulation Authority, the filing said.