05:51 PM EDT, 05/15/2024 (MT Newswires) -- Aflac ( AFL ) agreed to buy a 40% stake in Tree Line Capital Partners, the companies told MT Newswires Wednesday, confirming the news first reported by the Wall Street Journal.

"Tree Line has reached agreement with Aflac Global Investments to sell a 40% stake in our platform," a Tree Line spokesperson told MT Newswires.

However, Aflac ( AFL ) and Tree Line said the $250 million valuation reported by the Wall Street Journal was inaccurate. They did not disclose the financial details.

The insurance company is buying the stake from Tree Line management and its private equity backer Stone Point Capital, according to the WSJ report, citing people familiar with the matter.

An Aflac ( AFL ) spokesperson told MT Newswires that with the exception of deal valuation, the report was "correct for the most part."

Stone Point did not immediately reply to a request for comment.