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Hanwha Life to buy Acuon Capital and Acuon Savings Bank for $664M
The deal would give Hanwha Life a 96.1% stake in Acuon Capital and add a first captive finance arm to its financial services portfolio.
Hanwha Life and private equity firm Centroid Investment Partners are set to acquire Acuon Capital and Acuon Savings Bank in a package deal valued at nearly 900 billion won, or $664 million, according to The Korea Economic Daily, as cited by Coverager.
The transaction includes Hanwha Life acquiring a 96.06% stake in Acuon Capital from EQT.
Coverager reports the acquisition would give Hanwha Life its first captive finance arm, expanding the group’s financial services portfolio to include lending alongside its existing savings bank business.
Hanwha Life was selected as the preferred bidder about three months ago, beating Meritz Securities, Coverager added. The outlet also noted Anthemis Group has partnered with Hanwha Life to operate a $10 million fund.