Private equity firm MBK to buy ING's S.Korea insurance unit-source

SEOUL/HONG KONG Sun Aug 25, 2013 10:22pm EDT

SEOUL/HONG KONG Aug 26 (Reuters) - Private equity firm MBK Partners has agreed to buy a 90 percent stake in ING's South Korean insurance unit for 1.63 trillion won ($1.46 billion), a source with direct knowledge of the matter said Monday.

MBK and ING are set to sign an agreement later on Monday which would value the business at about 1.81 trillion won, the source added. Like other M&A transactions, ING's sale of the South Korean business is subject to regulatory approvals. The agreement with MBK will complete ING's sale of its Asian insurance operations, a process launched 17 months ago.

A spokesman for MBK declined to comment. A spokeswoman for ING could not be immediately reached for comment .

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