Photo = Lotte Holdings

 

 

[Alpha Biz= Kim Jisun] Woori Bank has decided to sell its 20% stake in Lotte Card, effectively ending its long-standing interest in acquiring the credit card company. The bank, which partnered with private equity firm MBK Partners in 2019 to acquire a combined 79.8% controlling stake in Lotte Card, will now participate in MBK’s ongoing sale process.



According to investment banking industry sources on June 1, MBK Partners has begun soliciting bids for its 59.8% stake in Lotte Card and has notified potential buyers that Woori Bank’s 20% stake is also included in the deal. Lotte Shopping, which owns the remaining 20%, has not included its stake in the sale, though it has left the door open for a possible future transaction.



UBS, the sale’s lead advisor, has reportedly distributed teaser letters to more than 20 potential buyers, including major financial holding companies and leading IT firms such as Naver and Kakao. While Lotte Card was valued at over KRW 3 trillion during a previous sale attempt in 2023, the current asking price has dropped to the mid-KRW 2 trillion range. The inclusion of Woori Bank’s stake this time is believed to have contributed to the reduction in the per-share valuation.

 

 

 

[ⓒ AlphaBIZ. 무단전재-재배포 금지]