Meiji Yasuda Life Insurance Company is in exclusive talks to acquire a 15% stake in Thai Life Insurance Co., Ltd. for around $700 million, people familiar with the matter told Reuters. It has beat Sumitomo Life Insurance Company to enter final negotiations, in an auction that had attracted CVC Capital Partners Limited, Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR), The Carlyle Group LP (NasdaqGS:CG), the people said.

The transaction is expected as early as next week, one person familiar with the matter said, adding that Sumitomo could still make a comeback.