China’s Anbang Insurance Group has agreed to pay nearly US$1 billion for a controlling stake in South Korea’s Tong Yang Life Insurance, Reuters reported Tuesday, citing a source with direct knowledge of the matter.
Private-equity firm Vogo Investment, which owns 57.5 percent of Tong Yang, is selling its stake to Anbang.
The Chinese group is also said to be negotiating with some other shareholders, and could eventually bag up to 63 percent of the Korean insurer, according to the report.
That could take the total deal value even higher.
Anbang is expected to apply for regulatory approval by the end of this month. The company hopes to close the transaction by late May or June, the report said.
– Contact us at [email protected]