Final bids were submitted May 29 in the simultaneous sales of Daewoo International’s 24 percent stake and Korea Asset Management Corp’s 9.93 percent stake in unlisted Korean insurer, Kyobo Life. According to a report by Reuters, bidders included Singaporean sovereign wealth fund, the Government of Singapore Investment Corp (GIC), the Carlyle Group, Canada’s Ontario Teachers Pension Plan, Affinity Equity Partners, and the United Arab Emirates sovereign wealth fund.
According to the story, a GIC/Affinity consortium faced off against a team made up of the Carlyle Group and the UAE sovereign wealth fund to buy Daewoo’s 24 percent stake. Affinity also teamed up with the Ontario Teachers Pension Plan to bid for KAMCO’s 9.93 percent stake in the insurer. Due to local laws which limit foreign ownership of domestic insurers to 10 percent or less, foreign funds must work with domestic partners on the sale. The story cites sources stating that Bids reached 250,000 won per share.
KAMCO has said it will select a preferred bidder in June while Daewoo International is expected to make a choice as early as this week.