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Companies & Markets

China's Anbang agrees to buy controlling stake in Tong Yang Life

Published Mon, Feb 16, 2015 · 11:34 PM
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[SEOUL] China's Anbang Insurance Group agreed to buy a controlling stake in South Korean life insurer Tong Yang Life Insurance Co, Tong Yang's largest shareholder said on Tuesday.

South Korean private equity firm Vogo Investment, holder of a 57.5 per cent interest in Tong Yang, confirmed the sale to Anbang in a statement without disclosing the price.

Anbang is expected to pay about US$1 billion for the stake, a person with direct knowledge of the matter said on Monday.

REUTERS

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