A group of investors that includes private equity fund Affinity Equity is buying a $1.1 billion stake in South Korea's unlisted Kyobo Life Insurance from Daewoo International Corp (047050.KS), in what would be the second-largest private equity backed deal in Asia ex-Japan this year.
A Daewoo spokesman confirmed Affinity as one of the buyers, but did not disclose the names of the other investors. Two sources with direct knowledge of the matter told Reuters last week the other buyers would be the Government of Singapore Investment Corp (GIC) GIC.UL, Baring Private Equity Asia and South Korea's IMM Private Equity. Full story
