South Korea’s Mirae Asset Global Investments has terminated a $5.8 billion deal to buy 15 U.S. hotels from China’s Anbang Insurance Group.
The asset manager said in a statement that Anbang did not remedy breaches of certain obligations regarding the September contract, resulting in the termination of the deal.
“Anbang did not remedy these breaches, which thereby resulted in the termination of the contract in accordance with its terms by Mirae Asset,” the statement read.
Mirae and Anbang are expected to engage in a legal battle over the collapsed transaction. Anbang filed a lawsuit on April 27 in a Delaware court to enforce the $5.8 billion contract.
