Samsung Life Public Welfare Foundation will sell around $500 million of shares in Samsung Life Insurance, the third major transaction announced by a Samsung Group company in the last six weeks.
The Foundation will offer 5 million shares in Samsung Life, representing 2.5 percent of the total shares outstanding, a spokeswoman said on Thursday, confirming a Reuters report.
The Samsung Group is undergoing a major restructuring as its owner the Lee family transfers control of its companies to the next generation of Lees.
Earlier this month, Samsung Everland Inc, a key holding company within the group, announced plans for an IPO, following a similar announcement last month by the group's IT solutions affiliate Samsung SDS.
Citigroup Inc and Credit Suisse Group AG are joint bookrunners on the Life Insurance deal, a source with direct knowledge of the matter told Reuters. Both banks declined to comment.
The shares will be offered at 99,275 to 101,365 won per share, representing a 3 to 5 percent discount on Thursday's closing price of 104,500 won, the source said.
Samsung Life Insurance could not immediately be reached for comment.
