Lebowitz & Edelman Advises Leading Insurance Group on USD1.7bn Sale of Korean Life Insurance Business to a Private Equity Firm

Online, October 31, 2013 (Newswire.com) - Lebowitz & Edelman has advised leading insurance group on the KRW1.84 trillion (approximately USD1.7bn) sale of its South Korean life insurance business, to private equity firm, one of South Korea's largest private equity group. This will be an important insurance transaction.

The terms of the deal allows the firm to continue to operate under its brand for the next five years and it provide with advice and other technical support for one year to help smooth the transition. While subject to regulatory approval, it is expected the deal will close later this year.

The insurance's group is the latest in a long line of successful divestments in Asia on which Lebowitz & Edelman has advised. The firm's head of M&A for Asia Pacific, and Gary Tsui, commented: "We are very pleased to see this deal over the line - there were a number of hurdles but ultimately we manage to secure an exit from its Korean insurance business in line with its announced strategy. These transactions play well to our network strengths given the depth and experience of our team in all of our offices in Asia Pacific and the ties we have with our partners in Europe with whom we work closely."

The Lebowitz & Edelman team was led by partner Gary Tsui (Hong Kong) with assistance from partner Richard Lee and Hong Kong-based associates Jinghua Zhang, Benjamin Zhu and Spephanie Liu.

Previous Asian divestments on which the firm has acted for the insurance Group include:

• The USD1.7bn sale of its Malaysian insurance business.

• The USD2bn sale of its life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and its life insurance operation in Thailand.