View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 21, 2022

KDB scraps deal to sell life insurance arm to JC Partners

Korea Development Bank (KDB) has called off the plans to sell its life insurance subsidiary to private equity firm JC Partners, The Korea Times reported.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

KDB and JC partners had agreed on the sale of KDB Life in late 2020 in a deal valued at around $160m (KRW200bn).

The bank, through its private equity joint venture with Consus Asset Management, KDB Consus Value (KCV) PEF, holds over 90% stake in the life insurer.

KCV PEF has informed JC Partners that it would scrap the stock purchase agreement (SPA), the report said. 

The deal was called off because the state-owned KDB feels that the private equity firm will not be able to qualify the assessment process by the Financial Services Commission (FSC).

In June 2021, JC Partners had reached out to FSC for the assessment but did not receive clearance because it had failed to secure the necessary capital for the insurance firm’s takeover. 

Furthermore, earlier this month, JC Partners-backed MG Non-life Insurance was designated insolvent by FSC. 

Now the chances for JC Partners passing the regulatory test are even slimmer, as being the major shareholder of an insolvent firm is one of the key factors for disqualifying a firm for takeover.

With JC Partners out of the deal, KDB will have to find a new buyer for the life insurance arm, which it had acquired in 2009 as part of Kumho Group’s restructuring process.

“KCV PEF will strive to raise the corporate value of KDB Life, and will look into the option of selling the company, considering market conditions,” the government backed-bank was quoted by the publication as saying. 

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International