Korea's IMM, Mirae invest $224m in POSCO Specialty Steel
IMM Private Equity and Mirae Asset Private Equity have together invested KRW250 billion ($223.6 million) for a 24% stake in POSCO Specialty Steel (POSCO SS), an affiliate of national steelmaker POSCO. POSCO SS abandoned an IPO effort in December – set to raise up to $424 million – and the private equity capital is expected to support expansion efforts before the company returns to market, possibly within five years.
IMM and Mirae each committed KRW125 billion to the deal. According to a regulatory filing, they will subscribe to 8.6 million convertible preference shares with a conversion price of KRW29,000 per share...
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