AIG Taiwan Unit Draws Interest From 6 Private Equity Cos - Source
June 30 2009 - 7:11AM
Dow Jones News
Six private-equity firms are interested in bidding for American
International Group Inc.'s (AIG) Taiwan life insurance unit, which
will likely cost more than US$2 billion, a person familiar with the
situation said Tuesday.
The six private-equity firms are Affinity Equity Partners Ltd.,
Bain Capital LLC, Carlyle Group L.P., Kohlberg Kravis Roberts &
Co., MBK Partners Ltd. and Primus Pacific Partners LLP, the person
said, adding final bids will be submitted shortly.
Taiwan financial firms Cathay Financial Holding Co. (2882.TW)
and smaller peer First Financial Holding Co. (2892.TW) said earlier
they were also evaluating an acquisition of the AIG unit, Nan Shan
Life Insurance Co.
AIG owns 95% of Nan Shan, Taiwan's third-largest life insurer by
gross premiums with an 11.4% market share. The unit had NT$67.06
billion (US$2.04 billion) in net assets at the end of June 2008,
based on statistics from the Taiwan Insurance Institute, an
industry researcher.
-By Amy Or, Dow Jones Newswires; 852-2832 2335;
amy.or@dowjones.com