Anbang Insurance Group of China has agreed to buy a controlling stake in Tong Yang Life Insurance for 1.13 trillion won $1.06 billion, the latest in a string of international acquisitions by the Beijing-headquartered group.
Tong Yang said in a filing on Tuesday that Anbang will acquire 63% of Tong Yang at 16,700 won a share from shareholders including Korean private equity firm Vogo Investment Group. It will pay an additional 33.9 billion won if the deal goes through.
Armed with massive capital resources, Anbang has been on a global acquisition binge of late. On Monday, Anbang said it would buy Dutch insurer Vivat...
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