(MENAFN) South Korea's financial regulator approved a deal to sell Tongyang Life Insurance Co., the country's eighth-largest life insurer, to a Chinese investor, the first-ever acquisition between the two countries, Yonhap News reported.
Earlier this year, China's Anbang Insurance Group Co. made an agreement with Vogo Fund, a local private equity fund, to buy a controlling 63 percent stake in Tongyang Life for USD990 million.
"The Financial Services Commission (FSC) gave approval to Anbang Insurance Group to acquire 68 million shares, or 63 percent, and become the largest shareholder of Tongyang Life Insurance," the FSC said in a statement.
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