KDB Life Insurance deal is nearing completion Regulatory approval expected in September
Translated by Ryu Ho-joung 공개 2021-08-05 06:54:05
이 기사는 2021년 08월 05일 06:28 thebell 에 표출된 기사입니다.
KDB Life Insurance’s acquisition by JC Partners is expected to close next month, which will put an end to an eight-month effort by the private equity firm to add the insurance company to its portfolio.Regulatory review of the deal is in the final stages, according to industry sources on Tuesday. The Financial Services Commission (FSC) is likely to discuss a change in the largest shareholder of KDB Life Insurance at its regular meeting scheduled for September 6, sources said.
If JC Partners receives regulatory approval from the financial watchdog, the firm will make the payment to complete the transaction. This will put an end to its months of effort to acquire the insurance company. JC Partners in December last year signed a stock purchase agreement to buy a majority stake in the company from the state-run Korea Development Bank (KDB).
The review process has been a bit delayed due to summer vacation and personnel changes at the FSC. It normally takes about 60 days for the process to complete. JC Partners filed its application with the FSC on June 17 after managing to raise 150 billion won ($131 million), which will be used to increase the capital base of the struggling insurance company.
JC Partners will pay 200 billion won to KDB for some 93% stake in KDB Life Insurance. The 150 billion won cash will be promptly injected into the company to boost its capital levels.
“The FSC’s regulatory review process is going smoothly and we expect the deal to close next month,” said an official at JC Partners. (Reporting by Eun-sol Lee)
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