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Anbang to buy stake in Tong Yang
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CHINA’S Anbang Insurance Group has agreed to pay 1.13 trillion won (US$1 billion) for a controlling stake in Tong Yang Life Insurance, South Korea’s eighth-largest life insurer said yesterday.
Anbang will pay 16,700 won per share to buy a 63 percent stake in Tong Yang from three shareholders, including South Korea’s private equity firm Vogo Investment Co holding a 57.5 percent stake, Tong Yang said in a statement.
The deal was Anbang’s second big move in a week as it seeks to expand globally.
On Monday, the company announced that it was buying Vivat insurance arm of Dutch bank SNS Reaal in a deal worth 1.4 billion euros (US$1.60 billion).
Anbang has been pursuing acquisitions aggressively since purchasing New York’s 83-year-old Waldorf Astoria Hotel in October. The US$1.95 billion deal topped the transaction records of US hospitality industry, and made it the largest land play in the United States by a Chinese company.
Anbang then bought Belgian insurer FIDEA NV for 243 million euros and later agreed to buy a controlling stake of the Belgian banking operations of Delta Lloyd NV for 219 million euros in December.
Anbang and Tong Yang will seek regulatory approval in China and South Korea by the end of February, and hope to close the deal by late May or June, Reuters reported yesterday, citing a person with direct knowledge of the deal.
Established in 1999, Tong Yang is the first life insurer to go public in South Korea in 2009. Anbang will be the first Chinese financial firm to make inroads into the South Korean insurance market if the deal is approved by the regulators.
It was reported that Anbang’s Chairman Wu Xiaohui had visited Seoul last month to discuss the acquisition with Vogo Investment.
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