Korean GP buys majority stake in Vietnam’s VNPT ePay

Financial terms were not disclosed, but local media reported in November – when the agreement was announced – that UTC would pay about KRW40 billion ($35 million). The divestment was driven by VMG's desire to concentrate on its core digital media operations – with business interests across online media content, games, advertising, e-commerce and social media.

VMG set up VNPT ePay in 2008, offering e-wallet services to consumers and delivery payment solutions to e-commerce operators. Under the new ownership, VNPT ePay is expected to benefit from UTC’s experience and resources in the Korean payments market to develop more payment services in Vietnam. It will also expand into new markets, according to Chau Nguyen Anh, CEO of VNPT ePay.  

Founded in 1988, UTC targets domestic and overseas buyout opportunities in the technology, financial services, manufacturing, new materials, media, and consumer sectors. Previous financial technology investments include mobile payment services provider Bitcash, securities firm Kaneju Securities, and financial solution devices developer Finger.

BDA Partners acted as the financial adviser for VMG Media on the VNPT ePay transaction.

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• Topics
• Southeast Asia
• North Asia
• Buyouts
• Financials
• Technology
• Vietnam
• South Korea
• TMT