Daewoo says sold $1.1 billion Kyobo stake to investors including Affinity

SEOUL Wed Aug 8, 2012 4:05am EDT

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SEOUL (Reuters) - Daewoo International Corp (047050.KS) said in a regulatory filing Wednesday it decided to sell its stake in South Korea's unlisted Kyobo Life Insurance for 1.2 trillion Korean won ($1.06 billion).

A spokesperson for Daewoo said the company decided to sell its 24 percent stake in Kyobo Life to a group of investors including Affinity Equity Partners.

Two sources with direct knowledge of the deal previously told Reuters the group of four investors also included Government of Singapore Investment Corp (GIC), Baring Private Equity Asia and South Korea's IMM Private Equity. ($1 = 1128.8500 Korean won)

(Reporting By Joyce Lee; Editing by Kim Coghill)

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