Reuters: Mergers News: Ontario Pension chosen for S.Korea's Kyobo Life stake sale-report

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Ontario Pension chosen for S.Korea's Kyobo Life stake sale-report Jun 6th 2012, 22:49 SEOUL, June 7 | Wed Jun 6, 2012 6:49pm EDT SEOUL, June 7 (Reuters) - A consortium led by Canada's Ontario Teachers Pension Plan beat out Affinity Equity Partners as the preferred bidder for a stake worth $398 million in South Korea's unlisted Kyobo Life Insurance, local media reported on Thursday. Ontario Teachers Pension Plan teamed up with Corsair Capital to bid for The 9.9 percent stake held by state-run Korea Asset Management Corp (KAMCO), a source with direct knowledge of the matter previously told Reuters. The bid price was 230,000 Korean won ($190) per share, with the total stake to be sold at 470 billion Korean won ($398.26 million), the Chosun Ilbo reported. The preferred bidder is expected to be finalized on Friday by a regulatory committee overseeing the recovery of bailout funds.

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