MBK to sell stake in Korean life insurer for $2b
MBK Partners is set for a full exit from ING Life Korea – now known as Orange Life Insurance – after agreeing to sell its majority stake to Shinhan Financial Group for KRW2.29 trillion ($2.04 billion).
Shinhan said in a filing that it would acquire 48.5 million shares in Orange Life, or a 59.15% stake, for KRW47,400 apiece. The stock closed at KRW34,200 on September 5. MBK sought to sell the asset...
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