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Anbang agrees to buy into Tong Yang Life Insurance
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CHINA'S Anbang Insurance Group will spend 1.13 trillion won (US$998 million) to take a controlling stake in South Korea's Tong Yang Life Insurance.
Anbang will buy a total 63 percent stake in Tong Yang from three separate investors for 16,700 won per share, the South Korean firm said in a statement. Among which, a 57.5 percent stake is owned by South Korean's private equity firm Vogo Investment Co.
The deal is the second move in the week before Chinese Spring Festival by Anbang to expand its global business scope. On Monday, the company announced an agreement to buy an insurance branch Vivat insurance of Dutch bank SNS Reaal in a transaction worth 1.4 billion euros (US$1.60 billion).
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