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MBK, CVC begin due diligence for ING Korea life insurance stake buy

26 Apr 2013

korea 10_sqMBK Partners and CVC Capital reportedly have competition from a trio of insurance companies for a majority stake in ING Groep’s Korean life insurance operations as due-diligence gets under way.

Hanwha Life Insurance, Kyobo Life Insurance, Tongyang Life Insurance and the two buyout houses make up the final five bidders for a 51 per cent stake in the business.

Hanwha and Kyobo are South Korea’s second and third-largest insurers, while Tongyang is backed by Vogo Capital.

Last year South Korean group KB made a $2.1bn offer which it later withdrew after its directors voted against the deal, saying it was too risky.

ING, which has already disposed of its units in Malaysia, Thailand and Hong Kong, also has operations in Japan.

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