MBK to negotiate sale of ING Life Korea on ongoing basis: Yonhap

Private equity firm MBK Partners, which is looking to sell ING Life Insurance Korea in a deal expected to fetch about $3 billion, will negotiate with potential buyers on an ongoing basis, South Korea’s Yonhap News Agency said on Wednesday, citing an unnamed MBK official.

MBK had been expected to receive binding bids for ING Life Korea this week, Yonhap reported earlier on Wednesday.

An MBK official did not have immediate comment when reached by Reuters. A Seoul-based spokeswoman for Morgan Stanley, which is managing the sale for MBK, could not immediately be reached for comment.