Hanwha Life plans $664 million Acuon acquisition

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 ($664 million), according to The Korea Economic Daily.

The transaction involves acquiring a 96.06% stake in Acuon Capital from EQT. It would give Hanwha its first captive finance arm, expanding the group’s financial services portfolio into lending alongside the savings bank business.

Hanwha Life was selected as the preferred bidder approximately three months ago, beating Meritz Securities.

The planned acquisition marks another example of an insurer expanding beyond insurance to build a broader financial services business.