Advised Mirae Asset Life on Its Acquisition of PCA Life
2017.05.18.
Yulchon advised Mirae Asset Life Insurance Co., Ltd (“Mirae Asset Life”) on its acquisition of a 100% equity interest in PCA Life Insurance Co., Ltd (“PCA Life”), a wholly-owned subsidiary of UK-based Prudential Group.
Mirae Asset Life had signed a share purchase agreement (SPA) to buy a 100% equity interest in PCA Life for KRW 170 billion (appx. USD 150 million) last year and successfully closed the deal in May 2017.
This transaction was particularly complex as it required several regulatory approvals regarding (1) subsidiary ownership under the Insurance Business Act, (2) change of a large shareholder under the Act on Corporate Governance of Financial Companies, and (3) merger filing under the Monopoly Regulation and Fair Trade Act. Yulchon provided detailed interpretation of relevant regulations with specific case examples and closely consulted with various regulatory authorities throughout the entire process, which led to the successful consummation of the deal.
With this acquisition, Mirae Asset Life, the country’s sixth largest life insurer based on asset size, will become the fifth largest player and strengthen its footing in the life insurance market.
A multidisciplinary team of Yulchon lawyers including Young Su Shin, Hyeon Hwa Shin, Hyung Ki Lee, Joon Hyung Kim, Hyo Sung Lee, Chae Yeon An, Ji Wan Ryu, Pyung Ah Park, Hyung Joon Park, Seung Hyuck Han, Sang Woo Song, and Young Hwa An advised on the transaction.
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