Anbang To Acquire Korean Insurer Tong Yang Life For $1B

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Beijing-based Chinese insurance firm Anbang Insurance Group Co., Ltd. has shown interest in acquiring a controlling stake in South Korea’s Tong Yang Life Insurance Co., Ltd. for about 1.1 trillion Korean Won (US$1.01 billion), according to media reports.

Anbang has reportedly signed a memorandum of understanding to acquire the 57.5% stake in the Korean insurer from South Korean private equity firm Vogo Investment Group.

Anbang and Vogo could not be reached to confirm the news.

China Money Network

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