Pacific Century snaps up ING’s Asia assets

Earlier this year, ING was said to be in talks over a sale with parties including Apollo Global Management, J.C. Flowers & Co. and a team backed by The Blackstone Group.

Final bids for the assets were submitted in mid-July and ING originally said it wanted to sign sale agreements by the end of August. According to Bloomberg, Apollo and J.C. Flowers made offers for ING's Japan operations while a consortium led by former AIA head Mark Wilson, and supported by Blackstone and Swiss Re, was targeting the entire Asia business.

"We are pleased to have found in Pacific Century Group a good home for our customers, employees and agents with the ambition to continue to expand the businesses in these countries," said Jan Hommen, CEO of ING Group. "This transaction underscores the steady progress we continue to make in our restructuring."

The deal values ING's Hong Kong, Macau and Thai life insurance businesses at 24.3x estimated 2012 EBITDA and 1.9x the estimated 2012 book value of EUR865 million.

ING's remaining ING's Asian insurance and investment management activities are still undergoing a sales process.

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• Topics
• Greater China
• Financials
• Southeast Asia
• insurance
• Hong Kong (China)
• Thailand