UPDATE 1-Samsung Life Foundation to sell $500 million of shares in insurer
* Citi, Credit Suisse running $500 million block sale in Samsung Life
* Deal comes amid broad-based restructuring of Samsung Group (Updates with company comment, adds background on Samsung restructuring)
HONG KONG, June 19 (Reuters) - Samsung Life Public Welfare Foundation will sell around $500 million of shares in Samsung Life Insurance, the third major transaction announced by a Samsung Group company in the last six weeks.
The Foundation will offer 5 million shares in Samsung Life, representing 2.5 percent of the total shares outstanding, a spokeswoman said on Thursday, confirming a Reuters report.
The Samsung Group is undergoing a major restructuring as its owner the Lee family transfers control of its companies to the next generation of Lees.
Earlier this month, Samsung Everland Inc, a key holding company within the group, announced plans for an IPO, following a similar announcement last month by the group's IT solutions affiliate Samsung SDS.
Citigroup Inc and Credit Suisse Group AG are joint bookrunners on the Life Insurance deal, a source with direct knowledge of the matter told Reuters. Both banks declined to comment.
The shares will be offered at 99,275 to 101,365 won per share, representing a 3 to 5 percent discount on Thursday's closing price of 104,500 won, the source said.
Samsung Life Insurance could not immediately be reached for comment. (Reporting by Lawrence White, additional reporting by Vincent Lee in SEOUL; Editing by Ryan Woo)
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