Jun-ho Cha

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DIG Airgas, Air Products Korea: Two Korean megadeals in the offing

Jan 17, 2025 | kedglobal.com | Jun-ho Cha

South Korea’s mergers and acquisitions market is gearing up for two megadeals involving specialty gas makers worth 5 trillion won ($3.4 billion) each – DIG Airgas Co. and Air Products Korea Inc. A fierce behind-the-scenes competition among investment banks (IBs) and private equity firms (PEFs) has already begun, with the DIG Airgas owner kicking off a sales process.
CVC poised to buy S.Korea’s top contact lens maker OLENS

Jan 16, 2025 | kedglobal.com | Jun-ho Cha |Ji-eun Ha

CVC Capital Partners is in the final stage of negotiations to acquire OLENS, South Korea’s largest contact lens brand, for about 500 billion won ($343 million), according to investment banking sources on Thursday. It is seeking to acquire more than a 50% stake in Star Vision Co., which controls OLENS, including the 49% stake owned by a consortium of PS Alliance and Pearl Investment.
Macquarie kicks off sale of DIG Airgas valued at over $3.4 bn

Jan 13, 2025 | kedglobal.com | Jong-kwan Park |Jun-ho Cha

Macquarie Asset Management has embarked on a process to sell off its full stake in South Korea’s third-largest industrial gas producer DIG Airgas Co. in what would be the country’s largest buyout deal this year. According to sources in the investment banking industry on Sunday, the asset management division of Australia’s Macquarie Group is expected to send out a letter this week to invite global IBs to join a bid to lead a deal to sell its 100% stake in DIG Airgas.
MBK Partners’ vice chair vows to hike Korea Zinc’s value to $20.6 billion

Jan 8, 2025 | kedglobal.com | Jong-kwan Park |Jun-ho Cha

The battle over Korea Zinc Inc.'s management control between Korea Zinc Chairman Choi Yun-birm and the Young Poong Corp.-MBK Partners alliance has been protracted for months, with the zinc and lead smelter’s shares fluctuating violently. Amid the hustle and bustle, Kim Kwang-il, vice chairman of MBK Partners, a private equity firm focused on Northeast Asia, sees Korea Zinc’s corporate value at 30 trillion won ($20.6 billion) in four years if the world’s No. 1 zinc smelter is properly managed.
Hong Kong-based PEF Affinity Equity to acquire control of Lotte Rental

Dec 5, 2024 | kedglobal.com | Jun-ho Cha

Affinity Equity Partners, a Hong Kong-based investment firm, will acquire a controlling stake in South Korea’s No. 1 car rental and leasing company Lotte Rental Co.According to industry sources on Friday, Lotte Group will hold a board meeting later in the day to name Affinity Equity the preferred bidder to buy 60.67% of Lotte Rental from two Lotte affiliates. Currently, Lotte Hotel Co. and Busan Lotte Hotel own 37.8% and 22.83% of Lotte Rental, respectively.
Blackstone, Carlyle, MBK vying for CJ CheilJedang’s bio business

Dec 2, 2024 | kedglobal.com | Jong-kwan Park |Jun-ho Cha

Blackstone, Carlyle Group and MBK Partners have joined the race to purchase the bio business of CJ CheilJedang Corp., the world’s largest producer of feed amino acids, according to people familiar with the matter. Some four to five private equity groups, including the three buyout firms, will carry out due diligence on the bio division, worth an estimated 6 trillion won ($4.3 billion), of the largest food maker in South Korea.
Korea Zinc’s role questioned in SM Entertainment stock manipulation case

Nov 28, 2024 | kedglobal.com | Jun-ho Cha

When OneAsia Partners, a Seoul-based private equity fund operator, revised part of its PEF Havana I’s articles of association on Feb. 14, 2023, the amendment was far from usual. The 111.2 billion won ($80 million) fund was created by contributions from two limited partners (LPs) – 101.6 billion won from Korea Zinc Inc. and the remainder from Chosun Refractories Co.The amendment introduced two new clauses.
Hyosung TNC mulls takeover of chemical affiliate’s specialty gas unit

Nov 22, 2024 | kedglobal.com | Jun-ho Cha

Hyosung TNC Corp., the world’s top spandex maker, is considering taking over the specialty gas business of its chemical affiliate, sending its share price to a near four-year low. Hyosung TNC said on Friday it has received a letter of intent for acquisition of the gas division from Hyosung Chemical Corp. and is reviewing it in a regulatory filing. That came after Hyosung Chemical failed to sell the business to South Korean private equity firms – IMM Private Equity and STIC Investments Inc.
Glenwood buys three waste management firms for about $190 mn

Nov 19, 2024 | kedglobal.com | Jun-ho Cha

Glenwood Private Equity on Tuesday signed an agreement to buy three waste management companies from a small-sized South Korean business group Bubang for around 260 billion won ($190 million), according to people familiar with the matter. Under the contract, Bubang has sold Techcross Environmental Services Inc., Techcross Water & Energy Inc. and Bugok Environment Co.’s Chinese subsidiary to the Seoul-based buyout firm, withdrawing from the waste treatment market.
CJ CheilJedang puts bio business on market for about $4 bn

Nov 18, 2024 | kedglobal.com | Jun-ho Cha

CJ CheilJedang Corp., South Korea’s largest food company, is seeking to sell its bio business for about 6 trillion won ($4.3 billion) in what could be the country’s largest M&A deal this year, according to people familiar with the matter on Monday. Unloading the profit-making business is in line with its parent CJ Group’s restructuring efforts to revive the sagging sales of its two growth pillars: food and entertainment.