According to investment banking (IB) industry sources on the 30th, HANWHA LIFE INSURANCE held a board meeting that day and approved the signing of an SPA to acquire the 96.06% stake in Accuon Capital held by EQT Partners. This comes about three months after HANWHA LIFE INSURANCE was selected as the preferred bidder for the acquisition last June. The deal structure also includes the acquisition of Accuon Savings Bank, in which Accuon Capital holds a 100% stake.
The acquisition price is reported to be less than 900 billion won. HANWHA LIFE INSURANCE will secure funding for this acquisition together with Centroid, which is considered a “related party.” Previously, in January, HANWHA LIFE INSURANCE acquired a 15% stake in Centroid, becoming its second-largest shareholder.
By acquiring both Acuon Capital and the savings bank, HANWHA LIFE INSURANCE is expected to move closer to diversifying its comprehensive financial portfolio. Adding a capital company and a savings bank to its existing insurance-centric business scope is likely to significantly broaden the group’s options for capital utilization.
In this transaction, Citigroup Global Markets Securities, UBS, and Sejong Law Firm served as advisors to the sellers. On the buyer’s side, Samjung KPMG and YulChon co., Ltd provided acquisition advisory services.
