Debevoise & Plimpton and Korean firm Yulchon are advising American insurance giant Prudential Financial Inc. on a $1.9 billion sale of its South Korean arm to local financial services provider KB Financial Group.
As part of the deal, KB Financial Group will acquire 100% of Prudential Life Insurance of Korea Ltd. in what is expected to be one of Korea’s largest M&A deals in 2020. Established in 1989, Prudential Korea is a leading provider of life insurance products in the country with a net asset value of $2.58 billion. The deal is expected to be completed by the end of 2020, subject to customary closing conditions, Prudential said.
