Hanwha Life Cancels Acquisition Plan of Data Analytics Lab, a Subsidiary of Hanwha Securities
[Asia Economy Reporter Song Seung-yoon] Hanwha Life Insurance announced after the market closed on the 2nd that it will halt the acquisition of 100% of the shares of Data Analytics Lab Co., Ltd., a subsidiary of Hanwha Investment & Securities.
The board of directors resolved the cancellation of the acquisition of Data Analytics Lab shares the previous day.
Earlier, Hanwha Life Insurance had announced in February this year that it would acquire 2 million shares of Data Analytics Lab at 3,200 KRW per share, totaling 6.4 billion KRW. At that time, Hanwha Life cited strengthening big data capabilities as the reason for the acquisition.
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However, Hanwha Life explained that it mutually agreed with Hanwha Investment & Securities to postpone the acquisition due to anticipated regulatory changes regarding the use of data in the insurance industry.
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