MBK in exclusive talks with ING to acquire Korea unit - report
MBK Partners has reportedly entered into exclusive talks regarding the sale of ING Groep's South Korean life insurance business. The private equity firm is said to have offered KRW1.8 trillion ($1.6 billion) for the entire operation.
According to The Wall Street Journal, MBK will be the third party to enter into exclusive talks with ING, following KB Financial Group last December and a consortium comprising Tongyang Life Insurance and Vogo Investment in June. MBK previously offered to buy 90% of the business for KRW1.5-1.6 trillion.
Four bids were submitted for the life insurance unit in May, with MBK Partners, Hanwha Life Insurance and Kyobo Life Insurance completing the quartet. While Tongyang made an offer for the business outright, others only wanted certain parts of it.
ING is on a deadline to sell more than 50% of its Asian operations by the end of 2013, as part of the conditions tied to a EUR10 billion ($13 billion) state bailout agreement from 2008. It can divest the remaining interests by the end of 2016.
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