KDB Life Selected JC Partners as Preferred Bidder for Sale

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] JC Partners has been selected as the preferred bidder for the sale of KDB Life Insurance.

According to the insurance industry on the 1st, the Korea Development Bank (KDB) evaluated JC Partners' eligibility and the likelihood of a successful sale at the investment review committee of KDB Life PEF (KDB Cansus Value PEF), a subsidiary holding KDB Life, and selected JC Partners as the preferred bidder.

JC Partners participated in the preliminary bidding in February, completed due diligence, and was the sole participant in the final bidding that closed on June 22.

KDB plans to promptly proceed with subsequent procedures such as investor recruitment and negotiation of the Stock Purchase Agreement (SPA) in consultation with JC Partners.

Regarding specific sale conditions, it is known that JC Partners will acquire KDB Life shares held by KDB for 200 billion KRW and is negotiating a plan to additionally purchase newly issued shares worth 350 billion KRW to strengthen capital.

KDB Life, formerly Kumho Life Insurance, was transferred to KDB in 2010 due to Kumho Group's insolvency. KDB, together with Cansus Asset Management, created a PEF worth 650 billion KRW to acquire it. Including subsequent capital increases, the total investment amounts to about 850 billion KRW.

KDB attempted to sell KDB Life three times since 2014 but failed, and the fourth sale effort started last September has now succeeded.