ING Divests Another Asset In $2.2B S. Korea Unit Sale

Law360, New York (August 26, 2013, 4:49 PM EDT) -- Dutch insurer ING Groep NV moved closer to finishing off its European Commission-mandated divestment plan in Asia on Monday with the long-awaited €1.65 billion ($2.2 billion) sale of its South Korean unit to private equity house MBK Partners.

The deal comes after several weeks of speculation that MBK was closing in on the purchase of the South Korean life insurance business. Such is part of ING's sweeping plans to offload non-core assets and redirect its strategic focus in order to pad cash reserves and pay down...
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