KDB Life Finds New Owner... Sold to JC Partners

[Asia Economy Reporter Dongwoo Lee] KDB Life Insurance has found a new owner after its fourth sale process.

According to financial sources on the 30th, the Korea Development Bank (KDB) is in final negotiations to sell KDB Life Insurance to the management participation private equity fund (PEF) JC Partners. Both parties are expected to sign the stock purchase agreement on the 31st.

JC Partners is reported to purchase approximately 93% of KDB Life Insurance's shares for 200 billion KRW and to proceed with a paid-in capital increase worth 350 billion KRW.

Previously, in 2010, during the restructuring of the Kumho Group, KDB created a 650 billion KRW PEF jointly with Kansas Asset Management to acquire KDB Life Insurance (then Kumho Life Insurance). Including subsequent paid-in capital increases, the total investment amounts to about 850 billion KRW.

KDB attempted to sell the company three times between 2014 and 2016 but failed to find a buyer. After announcing the sale again at the end of last September, the bank succeeded in finding a new owner on its fourth attempt.

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