Carlyle Eyes Kyobo Life Stake

(Reuters) – Carlyle Group is among the private equity funds bidding for around $1.8 billion stake in South Korea’s Kyobo Life Insurance Co Ltd, sources with direct knowledge of the matter told Reuters.

Daewoo International and Korea Asset Management Corp (KAMCO) are offering about one-third stake in the unlisted life insurance company in two separate sales, they added.

Asian buyout firms Affinity Equity Partners and MBK Partners are among the other buyout firms that have submitted initial bids for Daewoo’s 24 percent stake, one of the sources said.

KAMCO, which is concurrently selling its 9.93 percent in Kyobo, has attracted the same suitors, a separate source said.
The sources were not authorized to talk to the media. Carlyle and Daewoo, declined to comment. Affinity and MBK did not respond to requests for comment.

(Reporting by Miyoung Kim in SEOUL and Stephen Aldred in HONG KONG; Editing by Denny Thomas; Editing by Ed Lane)