South Korea
Daewoo to set up $1b fund with US partner
South Korean brokerage Daewoo Securities’ Hong Kong unit has reportedly teamed up with a US-based private equity firm to set up a $1 billion fund to invest in social infrastructure projects.
Atinum mulls $350m STX Energy bid
Korea’s Atinum Partners is reportedly considering making a bid for STX Energy Co, the privately-held subsidiary of Korea Exchange-listed STX Group. The deal could value the company at up to KRW400 billion ($$354 million).
PE firms bid for Korean weapons manufacturer – report
Four private equity firms and a European defense company have reportedly submitted bids for a stake in South Korea’s LIG Nex1. The weapons manufacturer is offloading a 49% interest worth around $440 million.
Woori launches $495m PE fund with Posco, EIG
Korea’s Woori Asset Management has launched a private equity fund in partnership with domestic steelmaker Posco and US-based EIG Global Energy Partners. The vehicle was created in February and has a target size of KRW560 billion ($495 million), with...
Entrepreneurs launch Korea start-up accelerator
A group of South Korean serial entrepreneurs has launched a start-up accelerator intended to connect domestic companies with their global counterparts. Advisors and mentors to the program include US tech entrepreneur and Dallas Mavericks owner Mark Cuban...
Korea’s Woongjin, KTB Private Equity in $1b Coway deal
KTB Private Equity, an affiliate of South Korean financial services company KTB Investment & Securities, will team up with Woongjin Holdings to buy a 31% stake in water purifier manufacturer Coway for KRW1.2 trillion ($1 billion). The target company is...
Korea’s Woori sale fails yet again as no bidders materialize
The South Korean government’s latest attempt to exit its controlling stake in Woori Finance Holdings has failed after no one submitted a preliminary bid. The country’s financial regulator subsequently said “it would be difficult to mount another...
STIC exits Jeil Hydraulics for 3.1x return
STIC Investments has exited its stake in Jeil Hydraulics, a Korean manufacturer of hydraulic motors and related components, to Eaton Corporation for KRW30.8 billion ($26.8 million). The investment generated a 3.1x money multiple.
Ropes & Gray to open office in Seoul
US-headquartered law firm Ropes & Gray has announced that it will open an office in Korea. The firm has become the first foreign practice to gain permission from Korea’s Ministry of Justice to establish a presence in the country.
Unison launches $104m offer for South Korea’s Nexcon
Japanese private equity firm Unison Capital has launched a KRW119.8 billion ($104 million) tender offer for Nexcon Technology, a manufacturer of products for lithium-ion secondary batteries.
Japan’s CyberAgent Ventures to open Korea office
Japan’s CyberAgent Ventures will open an office in South Korea next month. It will take the VC firm’s Asia presence to eight locations, complementing existing operations in Tokyo, Beijing, Shanghai, Shenzhen, Taipei, Ho Chi Minh and Hanoi.
Standard Chartered PE takes Smoothies Korea overseas
Standard Chartered Private Equity (SCPE) has completed its fourth transaction in partnership with South Korea’s National Pension Service (NPS), making a $46 million investment in nutritional beverage brand Smoothies Korea. The company will use the capital...
MBK beaten by Lotte in $1.1b Hi-Mart take-private
MBK Partners has officially been beaten to the punch in its attempt to privatize Hi-Mart, as Lotte Shopping signed a deal to acquire the South Korean electronics retailer for KRW1.25 trillion ($1.1 billion).
MBK no longer in running for Korea’s Hi-Mart
MBK Partners is no longer the preferred bidder for South Korean electronics retailer Hi-Mart, having walked away from the auction after due diligence uncovered a worse than expected decline in the business.
MBK named preferred bidder for Korea’s Hi-Mart
MBK Partners has been chosen as the preferred bidder for South Korean electronics retailer Hi-Mart. The company said in a statement to the Korean Stock Exchange that its largest shareholder, Eugene Corp, had made the decision.
O'Melveny to open office in South Korea
O'Melveny & Myers is going to open an office in Seoul, South Korea, in a move to deepen their services for Korea-based clients. It will be the seventh Asia office of the legal firm, alongside locations in Shanghai, Hong Kong, Beijing, Singapore, Tokyo,...
Unitas in timely bet on Korea’s outdoor market
As in most proprietary deals, timing was everything when it came to Unitas’ most recent investment. By fortuitous coincidence, the Asia-focused private equity firm approached Korean outdoor apparel and equipment manufacturer NEPA at the very moment...
SK Group raises fund to support struggling firms
Korea’s SK Group has created a KRW100 billion ($85 million) private equity fund intended to promote shared growth with smaller partner companies. Rather than offer loans to suppliers, the fund will invest directly in competitive firms that are struggling...
Unitas invests $164m in Korean outdoor brand
Unitas Capital has injected KRW190 billion ($162.4 million) into NEPA, a Korean outdoor apparel and equipment manufacturer and retailer, through a capital increase.
Kumho Industrial sells $812m in assets to Korean PE fund
Kumho Industrial, the struggling South Korean conglomerate, has sold KRW946.5 billion ($811.9 million) worth of assets to a private equity fund operated by Korea Finance Corp. in order to boost liquidity. The jettisoned assets include a stake in Daewoo...
TPG secures pact with Korea’s Vogo
Comparisons between TPG’s tie-ups with Northstar and Vogo are flawed – one is fully formalized, the other is loose. But the private equity firm does appear ready to re-engage with South Korea after a long absence
PE firms remain in the hunt for Kyobo Life
The sale of a one third interest in Kyobo Life, the smallest of South Korea’s Big Three life insurers, was always going to be a two-phase affair. The first phase – Korea Asset Management Corp. (KAMCO) exiting its 9.9% stake in the company – is now...
Ontario Teachers win Kyobo Life stake - update
Canada's Ontario Teachers Pension Plan has become the preferred bidder for a stake in Kyobo Life Insurance edging out other interested party, Affinity Equity Partners. Contrary to earlier media reports, the pension fund did not team up with existing shareholder...
Lone Star to pursue arbitration over KEB exit
Lone Star Funds plans to initiate arbitration proceedings against the South Korean government regarding its $3.5 billion exit of Korea Exchange Bank (KEB) to Hana Financial. The US private equity firm claims the government interfered with its rights as...