Principal Financial Services, Inc. and Principal International (Asia) Limited entered into sale and purchase agreement to acquire 20% in CIMB-Principal Asset Management and 10% in Cimb-Principal Islamic Asset Management from CIMB Group Holdings Berhad (KLSE:CIMB) for approximately MYR 470 million on January 11, 2018. Principal International (Asia) Limited will acquire 24.7 million shares of CIMB-Principal Asset Management and Principal Financial Services, Inc. will acquire 1.2 million shares of Cimb-Principal Islamic Asset Management. Post-acquisition CIMB-Principal Asset Management will cease to be subsidiary of CIMB Group Holdings Berhad. Principal Financial Group, Inc. (NasdaqGS:PFG) will increase its ownership stake to 60% and CIMB Group Holdings Berhad will retain 40% stake in CIMB-Principal Asset Management and Cimb-Principal Islamic Asset Management. The transaction is subject to regulatory approval. The transaction is approved by Securities Commission Malaysia on April 9, 2018. Transaction is expected to close in second quarter of 2018. As of May 25, 2018, Principal International (Asia) Limited has completed the acquisition of 20% stake in CIMB-Principal Asset Management from CIMB Group Holdings Berhad. Mark Uhrynuk and Maythawee Sarathai of Mayer Brown JSM acted as legal advisors for Principal Financial Group, Inc. Suparerk Auychai, Arthit Hemara and Neeramas Jirungwong of Allen Overy LLP acted as a legal advisor to CIMB Group.