Hanwha Life to buy Acuon Capital for under $660M
What's the deal? Hanwha Life InsuranceDealroom has a profile for this one. Try Dealroom → is acquiring a 96.06% stake in Acuon CapitalDealroom has a profile for this one. Try Dealroom → from EQT Partners for under US$754.6M (roughly $660 million). The South Korean insurer approved the share purchase agreement at a board meeting on September 30, three months after being named preferred bidder in June.
What's in the package? The deal also folds in Acuon Savings BankDealroom has a profile for this one. Try Dealroom →, which is wholly owned by Acuon Capital. Private equity firm Centroid InvestmentDealroom has a profile for this one. Try Dealroom → is joining as a financial investor to help fund the acquisition.
Why now? The tie-up follows an existing link between the two buyers. In January, Hanwha Life took a 15% stake in Centroid, becoming its second-largest shareholder — a "special relationship" the pair is now leveraging to finance the purchase.
What's the endgame? Hanwha Life wants to broaden beyond its insurance core into a fuller financial services portfolio. Adding capital and savings-bank operations widens how the group can deploy and use funds.
Who advised? On the sell side, Citigroup Global Markets SecuritiesDealroom has a profile for this one. Try Dealroom →, UBS, and law firm Shin & KimDealroom has a profile for this one. Try Dealroom → advised EQT. On the buy side, Samjong KPMGDealroom has a profile for this one. Try Dealroom → and law firm YulchonDealroom has a profile for this one. Try Dealroom → handled the acquisition.
The signal: The purchase reflects a push by Korean insurers to diversify into lending and deposit businesses, using private equity partners to share the financing burden on large deals.
Read more: edaily.co.kr
Image credit: startupregistry.hk
