SEOUL, KOREA - Vogo Fund, the homegrown private equity fund that has partnered with Tongyang Life to acquire ING Life's Korean unit, has become the most likely winner in the bidding war. A person close to the deal said on June 16, "ING Life is currently in serious talks with Vogo Fund that made the highest offer in the main bidding." "Although ING is still in contact with Hanwha Life and MBK Partners, it considers Vogo as the preferred negotiating partner," he added.
According to investment banking sources, Vogo Fund offered a price of 2.2 trillion won together with Tongyang Life to take over a 100-percent stake in ING Life Korea. Meanwhile, Hanwha offered 2 trillion won for a 100-percent stake while MBK Partners suggested 1.5 to 1.7 trillion won for a 80-percent stake. Kyobo Life is reported to have offered a lower price than that.
Despite this, Hanwha Life is still optimistic, saying, "ING may prefer quick, easy selling over price level, given that it had a bitter experience of being shown the cold shoulder by KB Financial Group." ING Life Korea was almost sold to KB Financial Group in December last year until the group's board of directors voted down the proposal.
저작권자 © Korea IT Times 무단전재 및 재배포 금지
