(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Sangjin] Meritz Fire & Marine Insurance has confirmed its participation in the rebidding process for MG Insurance. This follows three previous unsuccessful attempts to sell the company, raising hopes that the sale might finally progress successfully.

According to the insurance industry and the Korea Deposit Insurance Corporation, Samjong KPMG, the lead advisor for the MG Insurance sale, has announced that Meritz Fire & Marine expressed its intention to acquire the company after the rebidding process closed on August 8. Private equity funds (PEFs) Daily Partners and JC Flower, which had shown preliminary interest, have also reiterated their intentions, resulting in a three-way competition for MG Insurance.

Meritz Fire & Marine was not initially considered a candidate for the MG Insurance acquisition, making its sudden entry into the bidding unexpected. If Meritz Fire & Marine successfully acquires MG Insurance, it will mark the first merger and acquisition (M&A) deal for Meritz Financial Group in a decade, since its acquisition of IM Investment & Securities in 2014.

 

 

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