Hanwha, Heungkuk, Korea Investment bid for KDB Life in 7th sale attempt

Hanwha Life Insurance, Heungkuk Life Insurance and Korea Investment Holdings submitted final bids to acquire KDB Life Insurance, setting up a three-way race, investment banking industry sources said Friday. The sale of KDB Life, a subsidiary of state-run Korea Development Bank (KDB), has been ongoing since 2014, with six previous attempts to find a new owner falling through. Attention is now focused on whether the financially troubled insurer will finally find a new owner on the seventh attempt. KDB, along with Samil PwC, the lead manager of the sale, received bids from three potential buyers after closing the final round of bidding. Hanwha Life’s participation came as a surprise, as the insurer is already pursuing the acquisition of Acuon Capital and Acuon Savings Bank, a deal expected to require around 1 trillion won ($705 million). The firm's decision to join the race despite the anticipated financial burden suggests that it is willing to commit additional capital to expand its financial business, though the potential strain from a sizable capital injection could pose a challenge. Fo