Private equity funds Carlyle and Affinity, along with some Hong Kong-based investors, are in talks to acquire 24% stake in Kyobo Life, an unlisted South Korean insurer, reported Money Today.
The report cited industry sources as saying the funds conducted due diligence in Kyobo Life recently. Citing the same sources, the report said that the funds received “nods” from Posco, the potential seller of the stake, in acquisition talks.
The report estimated the stake to be worth KRW 850bn (USD 697m).
As reported earlier, Posco, the preferred bidder for Daewoo International, may sell the stake in Kyobo Life held by Daewoo International after it acquires the listed South Korean wholesaler.
Source: Money Today (translated)
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