Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Daewoo Agrees to Sell Kyobo Life Stake to Affinity Group

Aug. 9 (Bloomberg) -- Daewoo International Corp. agreed to sell its 24 percent stake in Kyobo Life Insurance Co. to a consortium led by Affinity Equity Partners Ltd., a Hong Kong-based buyout firm, Daewoo said in an e-mail yesterday.

Daewoo agreed to sell 4.92 million Kyobo Life shares for 1.2 trillion won ($1.1 billion), the South Korean company said in a regulatory filing yesterday. The price per share is 245,000 won, according to an e-mailed response to questions from Bloomberg.

The Affinity group paid 6.5 percent more for its Kyobo stake than Ontario Teachers’ Pension Plan Board, which bought 9.9 percent in the unlisted insurer in June for 230,000 won apiece. The pension fund bought its stake from state-run Korea Asset Management Corp.

The transaction is Affinity’s first acquisition in the financial sector in Korea and its first purchase in the country since it bought a stake in Oriental Brewery Co. Ltd. in 2009, data compiled by Bloomberg show.

Daewoo, the steel and crude oil trader controlled by South Korean steelmaker Posco, didn’t name other members of the consortium. Officials at Affinity couldn’t be reached to comment on the purchase yesterday.

To contact the reporters on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net; Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the editor responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.