Walmart is expanding its life and security storage business, according to people familiar with the deal.
Walmart’s new security-related business is expected to reach a value of $4.6 billion by 2021, according the people, who were not authorized to speak publicly and spoke on condition of anonymity.
Wal-Mart has already been exploring the possibilities of expanding its Life, Security and Family Life brands in the United States.
The company’s parent company, Walmart Holdings, is planning to merge with Life, which operates as a division of Life Insurance, in an effort to become the world’s largest private-label insurer, according a person familiar with this new deal.
The merger would create the largest private insurer in the U.S., according to data compiled by Bloomberg.
The people, all familiar with private-sector consolidation, declined to be identified because the details are private.
WalMart, which owns over 100,000 stores and operates the world, is working to accelerate its acquisition of Life and other life insurance businesses.
The company also has acquired LifeCare, LifeSpan, LifeFirst and LifeOne.
It plans to spend at least $1.2 billion on acquisitions this year and could close deals this year, the people said.