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Goldman Sachs nears $555m investment into MBK for Woori bid

  • Anita Davis
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South Korean private equity fund MBK Partners is reportedly close to securing a KRW600 billion ($555 million) investment from Goldman Sachs that will support its bid for Woori Finance Holdings.

Citing sources close to the process, Reuters reported that MBK Partners, TStone and Vogo Fund are competing to purchase the asset from the Korean government for as much as $6 billion. The second round of bidding is expected to take place by August 17. Contenders are required to bid for at least 30% of Woori, which is the stake size that the MBK-led consortium will reportedly bid for. The government owns 57% of Woori.

MBK will already enter the bidding round with capital from the Korean Federation of Community Credit Cooperatives, and is not only nearing an investment from Goldman but also Busan Bank.

Earlier reports noted that the consortium led by Korean PE firm TStone may include J.C. Flowers as an investor.

In May, reports surfaced that the government was looking to restart the auction process for Woori, the country's third-largest financial services group. It first sought to sell the asset nearly a year earlier but the auction process stalled in December due to a lack of competitive interest.

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