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Regulators give green light to MBK’s $1.75bn ING Groep South Korean unit deal

11 Dec 2013

korea dragon stoneAsia-Pacific private equity firm MBK Partners has been given the green light by South Korean regulators to buy ING Groep’s insurance unit in the country for $1.75bn.

ING will continue to hold a 10 per cent indirect stake in the business following the deal, which also allows ING Life Korea to continue using the brand for up to five years.

The transaction values ING Life Korea at 9.2-times its fiscal 2012 earnings and 0.73-times its book value at the end of March 2013, both on a local Korean GAAP basis

European regulators ordered ING sell off more than half of its Asian operations by the end of this year to comply with the terms of its bailout in 2008.

In July it was reported that MBK was nearing the $2.6bn hard cap for its biggest-ever buyout fund thanks to massive oversubscription.

PEI said the fund had made a penultimate close on $2.3bn, putting it already well ahead of the $1.6bn it gathered for Fund II in 2008 and its $1.56bn debut fund in 2005.

Its latest fund will continue the firm’s strategy of targeting companies in China, Hong Kong, Japan, South Korea and Taiwan by predominantly seeking controlling stakes.

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