Reuters: Mergers News: REFILE-Affinity, Carlyle bid for Kyobo Life stake-report

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REFILE-Affinity, Carlyle bid for Kyobo Life stake-report May 29th 2012, 23:43 Tue May 29, 2012 7:43pm EDT May 30 (Reuters) - Carlyle Group and Affinity Equity Partners are among the private equity funds that have submitted final bids for a stake put up for sale in South Korea's unlisted Kyobo Life Insurance, local media reported on Wednesday. Daewoo International Corp and state-run debt clearer Korea Asset Management Corp (KAMCO) are offering for sale almost a third of their stakes in the life insurer, worth around $1.4 billion, in two separate sales, and the both auctions closed on Tuesday. Carlyle formed a consortium with United Arab Emirates wealth fund, and Affinity teamed up with Government of Singapore Investment Corp (GIC) to buy a 24 percent stake in Kyobo held by Daewoo, the Korea Economic Daily quoted industry sources as saying. Affinity and Ontario pension fund submitted separate bids for 9.93 percent stake held by KAMCO, the report said. Carlyle, Affinity, Daewoo and KAMCO declined to comment.

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