Allen & Overy has advised ING Group on the KRW1.84tn (approximately GBP1.1bn) sale of its South Korean life insurance business, ING Life Korea, to private-equity firm MBK Partners, South Korea’s largest private-equity group.
The terms of the deal allow ING Life Korea to continue to operate under the ING brand for the next five years. ING will also provide MBK with advice and other technical support for one year to help smooth the transition.
While subject to regulatory approval, the deal is expected to close later this year.
The Allen & Overy team was led by partner Gary McLean (Hong Kong), with assistance from partner Richard Evans (London) and Hong Kong-based associates Jinghua Zou, Benjamin Crawford and Catherine Liu.