Angbang to buy Allianz ops in S. Korea

China’s Anbang Insurance Group Co. has reached a deal to buy the operations of Germany’s Allianz SE in South Korea, a few days after it walked away from a USD14-billion bid for Starwood Hotels & Resorts Worldwide Inc.

Anbang will pay more than USD3 million for Allianz Life Insurance Korea and Allianz Global Investors Korea, the compay said in a statement. Anbang and Allianz also issued a joint statement recently that announced the deal, which is expected to be completed in the second half of the year.

Anbang made a bid in March for Starwood, which had already struck a deal to sell itself to Marriott International Inc.That sparked a bidding war for the US luxury-hotel owner in which Anbang raised its offer to USD14 billion before dropping out last week, citing “various market considerations.”

This is Anbang’s second acquisition in South Korea. A year ago it bought a controlling stake in South Korean life insurer Tong Yang Life Insurance Co.for USD1 billion from South Korea-focused private-equity firm Vogo Investment Group and other investors.