American insurance company Prudential Financial has sold its Korean unit to South Korea’s KB Financial Group for $1.9 billion. Prudential exits the South Korean market after three decades.

KB Financial is believed to be the only strategic investor of three shortlisted bidders, and the only one able to finance the deal with its own capital. The acquisition by the country’s leading financial services provider will enhance its own life insurance business.

Yulchon and Debevoise & Plimpton represented Prudential Financial. Kim & Chang served as KB Financial’s counsel. The Yulchon team comprised partners Nina H Kim, Hyeon Hwa Shin, Hyung Ki Lee, Jeremy Everett, Sang Woo Song, Jae Woo Park and Christopher Mandel. The Debevoise team was led by insurance M&A specialists John Vasily, David Grogold and Edwin Northover.