According to the Seoul Economic Daily on the 10th, Yanolja is currently negotiating with the selling party for the acquisition of KakaoVX. It's been reported that Yanolja is discussing potential joint acquisition with its initial investor, Venture Capital Murex Partners.

The key issue lies in determining KakaoVX's valuation. KakaoVX has rapidly increased its corporate value through aggressive external investment initiatives. Starting with financial investors such as KB Securities and Mirae Asset Securities in 2018, followed by Korea Investment Partners, Q Capital Partners, and Won Asia Partners, KakaoVX's initial valuation was only 10-20 billion KRW. However, by 2021, it had surpassed 500 billion KRW following consecutive equity increases and performance improvements. Financial investors have the right to refuse to sell their management rights, making it challenging for Yanolja to finalize the transaction without offering a satisfactory price.

A financial industry source who invested in KakaoVX stated, "Besides Yanolja, multiple private equity fund managers have made contact," adding, "If they cannot negotiate a sufficient price, there's no reason for us to agree to the sale."

Founded in 2012, KakaoVX was incorporated into the Kakao Group's affiliates in 2017 when Kakao Games (293490) acquired a 65.19% stake. It currently dominates the domestic golf reservation platform market with a market share of approximately 60%.

Since its acquisition by Kakao Games, KakaoVX has aggressively expanded its golf business, encompassing screen golf, golf equipment sales, golf reservation platforms, golf fan community platforms, and golf course management services, thereby establishing a comprehensive value chain in the golf industry.

 

 

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