Vogo Investment Group to Exit Tong Yang Life Insurance to Anbang Insurance Group (Asia)
Source: Asian Venture Capital Journal, Reuters | Author(s): Andrew Woodman, Joyce Lee
Vogo Investment Group, a South Korea-focused buyout firm, is selling a 57.5 percent stake in South Korea-based insurer Tong Yang Life Insurance to China-based insurance conglomerate Anbang Insurance Group. This is part of a larger transaction in which Anbang is acquiring a 63 percent stake in Tong Yang in a deal worth KRW1.13 trillion (approximately US$1 billion). Vogo’s exit will be structured through Vogo Fund I and Vogo Fund II. The deal is awaiting regulatory approval in China and South Korea, and is expected to close in the second quarter of 2015.