Anbang Group Holdings Co. Ltd. signed a memorandum of understanding to acquire 63.01% stake in Tong Yang Life Insurance Co., Ltd. (KOSE:A082640) from Vogo Fund I and Vogo Fund II of Vogo Investment, Vogo-Tyl Investment Holdings Co., Ltd., Yuanta Securities Korea Co., Ltd. (KOSE:A003470) and Min-Joo Lee for KRW 1.2 trillion on February 5, 2015. Under the terms of the transaction, Anbang is paying KRW 16,700 per share to acquire 67.78 million shares and KRW 33.9 billion will be additionally paid once certain conditions are fulfilled. Yuanta Securities Korea Co., Ltd. will sell 3.23 million shares for KRW 53.88 billion.

Anbang Group Holdings Co. Ltd. signed an agreement to acquire 63.01% stake in Tong Yang Life Insurance Co., Ltd. from Vogo Fund I and Vogo Fund II of Vogo Investment, Vogo-Tyl Investment Holdings Co., Ltd. and Yuanta Securities Korea Co., Ltd. on February 17, 2015. As of April 3, 2015, Anbang Life Insurance Co.,Ltd. took the succession of contract. The transaction is subject to approval from Korean financial authorities including Financial Services Commission. The deal is subject to shareholder approval and government approval in China. The Board of Yuanta Securities Korea Co., Ltd. resolved for the deal on February 27, 2015. As of June 10, 2015, South Korea's Financial Committee approved the transaction. J.P. Morgan acted as financial advisor to Vogo on sale of stake in Tongyang Life. Kim & Chang acted as legal advisor for Anbang Life.