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| Title: Hanwha hires JPMorgan to sell Korea Life stake |
|
) to sell a 9.9 percent stake in
its Korea Life insurance unit, sources said on Wednesday, in a
deal that could value the unit at more than $7.5 billion.
Affinity Equity, Carlyle Group and MBK Partners are among several private equity firms interested in the stake, which is targeting $500 million to $750 million from foreign investors, sources with direct knowledge of the deal told Reuters. Hanwha has previous plans in place to publicly list Korea Life. A minority stake from a foreign investor would not only help give Korea Life a pre-IPO valuation, but would raise cash for Hanwha's bid for a stake in Daewoo Shipbuilding & Marine Engineering (). (Reporting by Michael Flaherty, Editing by Jonathan Hopfner) Full article |
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