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China's Anbang seen buying South Korea's Tong Yang Life for about US$1b: source

[SEOUL] China's Anbang Insurance Group is expected to sign an agreement to buy a controlling stake in South Korean life insurer Tong Yang Life Insurance Co for about 1.1 trillion won (US$1 billion), a person with direct knowledge of the matter said.

The amount, which is not finalised, could be adjusted but won't be far from 1.1 trillion won, and an announcement is expected some time on Monday or Tuesday, the person said.

The source declined to be identified as the details of the deal were confidential.

Anbang has agreed to a stock purchase deal to buy 57.5 per cent in Tong Yang from private equity firm Vogo for 1.1 trillion won, or 17,750 won per share, Korea Economic Daily reported earlier on Monday, without citing specific sources.

Vogo declined to comment. Anbang could not be reached for immediate comment.

REUTERS