Affinity Equity-led group to exercise put option on $1.8 bn Kyobo Life shares
Dec 04, 2018 (Gmt+09:00)
A consortium led by Affinity Equity Partners will push ahead with exercising their right to sell shares in South Korea’s Kyobo Life Insurance Co. Ltd. by the end of this month, which they estimate at 2 trillion won ($1.8 billion), frustrated by long delays in the insurer’s initial public offering, according to sources with direct knowledge of the matter.
The group of four financial investors, including Baring Private Equity Asia (Baring PEA), Singapore’s GIC and IMM Private Equity (IMM PE), had acquired a combined 24% stake in Kyobo, South Korea’s No.3 life insurer by assets, for 1.2 trillion won from a South Korean company in 2012.
The share purchase included a put option which they can exercise to Kyobo chairman and chief executive officer Chang-jae Shin, if Kyobo fail to go public by September 2015.