Vogo Fund takes over Tong Yang Securies and other group companies for $798 million: reports
South Korean private equity firm Vogo Fund has acquired a total 46.5% stake in three Tong Yang group companies, combining portions of Tong Yang Securities and two other entities of the mid-sized local conglomerate, according to Reuters.
The deal size was said around KW900 billion (($798 million). Tong Yang's divestment is part of a group-wide effort to secure more liquidity, the group said in a statement. Tong Yang Securities increased its revenue by 186% over the previous year’s results as of October 2010, the announcement added, while operating income soared by 119% YoY, to KRW219.6 billion ($0.2 million), the seventh-consecutive year of profits. The insurer listed on the main bourse in Korea in October last year.
Earlier, local newspapers said that unidentified Japanese insurers were interested in buying Tong Yang Securities.
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