Hanyang Securities (photo = Hanyang Securities)

 

[Alpha Biz= Reporter Kim Sangjin] KCGI, a South Korean private equity firm, has finalized the acquisition of Hanyang Securities for 220 billion KRW. This agreement follows KCGI's selection as the preferred bidder on August 2nd, approximately seven weeks ago.

On the 19th, Hanyang Securities announced that KCGI has agreed to purchase 3,766,973 common shares (29.59% stake) held by Hanyang Academy, Baek Nam Tourism, and HBDC for 220.36792 billion KRW. The acquisition price was set at 58,500 KRW per share, which is 10% lower than KCGI’s initial bid of 65,000 KRW per share.

With the signing of this agreement, KCGI is now only awaiting the Financial Services Commission’s approval of the major shareholder qualification. This approval process is generally completed within 60 days of the application but may be extended due to additional documentation or other reasons.

 

 

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