North Asia-focused private equity fund manager MBK Partners has agreed to sell its 59.15 percent stake in South Korea-listed Orange Life Insurance to Shinhan Financial Group, a South Korea-based, United States-listed financial services conglomerate, for KRW2.3 trillion (approximately US$2.1 billion). MBK will sell 48.5 million shares at KRW47,400 (approximately US$42) per share. In December 2013, the fund manager acquired a 90 percent stake in Orange Life for KRW1.84 trillion (approximately US$1.7 billion), including KRW880 billion (US$830 million) in equity and KRW960 billion (US$906 million) in debt, through MBK Partners III. MBK partially exited Orange Life, formerly known as ING Life Korea, in the company’s May 2017 initial public offering, selling a 30.9 percent stake for KRW1.1 billion (approximately US$974 million).