Private equity firm Bain Capital will divest nearly a third of its stake in the Japanese restaurant chain operator, which it acquired for $2.1 billion in 2011.
The company, Japan's second-largest private-sector life insurer, will use the proceeds to fund its acquistion of US company Protective Insurance Company.
Former Morgan Stanley investment banker John Paul Armenio joins the Japanese securities firm as it expands its capital markets and M&A franchise in Asia.