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Interpark-led consortium buys iMarketKorea for $378m

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A consortium led by Interpark, the Korean online shopping mall operator, has agreed to purchase Samsung Group’s procurement arm iMarketKorea in a deal worth more than KRW422 billion ($378.4 million). Private equity firm H&Q and the Korea Venture Business Association also participated in the transaction.

The consortium was last week identified as the preferred bidder for the asset, overcoming rival bids from the likes of KKR and MBK Partners.

Interpark said in a regulatory filing that the consortium would acquire a 48.7% stake in iMarketKorea from nine Samsung subsidiaries through the purchase of 17.5 million shares at KRW24,100 apiece. Samsung will continue to hold 10% of the company. Interpark's stake will be 42.93% with H&Q getting 5.77%. The size of Korea Venture Business Association's holding depends on follow up discussions with the seller.

Samsung said in August that it planned to divest its interest iMarketKorea, a non-core business. It set up the company in 2000 to provide goods and maintenance services to business clients. It has pledged to continue using iMarketKorea for five years post-divestment, ensuring KRW2 trillion in annual revenues.

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