[Korea.net News, Science / Tech, December 10 2007] Daum sells insurance unit to German company

Daum Communications Corp., Korea’s second-largest Internet portal operator, said Monday (Dec. 10) that it has signed a deal to sell a 35.7 percent stake in its on-line auto insurance unit to a German company for 40.91 billion won ($44.5 million).

The deal calls for Daum to sell a total of 5 million shares in Daum Direct Auto Insurance Co. to ERGO, a subsidiary of Munich Re AG., the world’s second-biggest re-insurer, the company said in a statement.