Affinity set for over 6x return on Korea's Loen Entertainment - Update
Affinity Equity Partners is set for a more than 6x return on its investment in Loen Entertainment, the Korean equivalent of iTunes, following Kakao Corporation's agreement to buy a majority stake in the business.
Kakao will pay KRW1.87 trillion ($1.55 billion) for a 76.4% interest in Loen, or 19.3 million shares at KRW97,000 apiece, according to a regulatory filing. This represents a 23.4% premium to the January...
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