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