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[Alpha Biz= Reporter Kim Sangjin] Global private equity firm Bain Capital has disposed of ₩1.485 trillion worth of shares in botulinum toxin specialist HUGEL (145020) through a block deal.
According to investment banking sources on the 18th, Bain Capital, which was the largest shareholder of HUGEL, sold a 4.3% stake (540,043 shares) in a block trade on the 17th. The selling price was set at ₩274,000 per share, reflecting a 6.5% discount compared to the closing price of ₩293,000 on the same day. Morgan Stanley acted as the sole underwriter for the transaction.
Bain Capital acquired HUGEL in 2017 for approximately ₩920 billion, investing an additional ₩100 billion via convertible bonds (CB). In 2021, Bain sold HUGEL to the GS Consortium, which included GS Group as a strategic investor, for about ₩1.6 trillion while retaining the CB. In June of this year, Bain exercised its option to convert the CB into shares (540,043 shares) and subsequently listed them. By selling the shares at a significantly higher price than the conversion price of ₩112,400 last year, Bain Capital realized substantial capital gains. With this sale, Bain Capital has now completely exited its investment in HUGEL.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
