Reuters – Ontario Pension Chosen for Kyobo Life Stake

Canada’s Ontario Teachers Pension Plan beat out Affinity Equity Partners as the preferred bidder for a stake worth $398 million in South Korea’s unlisted Kyobo Life Insurance, Reuters reported, citing local media reports on Thursday. The bid price was 230,000 Korean won ($190) per share, with the total stake to be sold at 470 billion Korean won ($398.26 million), the Chosun Ilbo reported.

(Reuters) – Canada’s Ontario Teachers Pension Plan beat out Affinity Equity Partners as the preferred bidder for a stake worth $398 million in South Korea’s unlisted Kyobo Life Insurance, local media reported on Thursday.

 

The bid involved a 9.9 percent stake held by state-run Korea Asset Management Corp (KAMCO), a source with direct knowledge of the matter told Reuters.

 

The bid price was 230,000 Korean won ($190) per share, with the total stake to be sold at 470 billion Korean won ($398.26 million), the Chosun Ilbo reported.

 

The preferred bidder is expected to be finalised on Friday by a regulatory committee overseeing the recovery of bailout funds. ($1 = 1180.1250 Korean won) (Reporting By Jungyoon Lee and Stephen Aldred; Editing by Gary Hill and Ron Popeski)