MBK Partners cancelled the acquisition of 65.25% stake in Hi-mart Co., Ltd. from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation, HI Consortium Investment Co., Ltd, Hi-mart Chairman Sun Jong-koo and other stakeholders.
July 03, 2012 at 12:00 am
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MBK Partners signed a memorandum of understanding to acquire 65.25% stake in Hi-mart Co., Ltd. (KOSE:A071840) from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation (KOSE:A023410), HI Consortium Investment Co., Ltd, Hi-mart Chairman Sun Jong-koo and other stakeholders for KRW 1.23 trillion in cash on June 25, 2012. MBK Partners will acquire 15.4 million shares of Hi-Mart at an offer per share of KRW 80,000. MBK Partners is chosen as the preferred bidder. Eugene holds 31.34% stake and Sun Jong-koo holds 5.66% stake in Hi-mart. The parties to the transaction will enter into a share purchase agreement. Citi Group Global Market Korea Securities Limited acted as financial advisor for Eugene, H&Q Asia Pacific, Sun Jong-koo, IMM Private Equity and other sellers. Morgan Stanley acted as financial advisor to MBK Partners. Samjong KPMG Advisory Inc. acted as financial advisor for MBK.
MBK Partners cancelled the acquisition of 65.25% stake in Hi-mart Co., Ltd. (KOSE:A071840) from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation (KOSE:A023410), HI Consortium Investment Co., Ltd, Hi-mart Chairman Sun Jong-koo and other stakeholders on July 3, 2012. MBK and majority shareholders of Hi-Mart, including Eugene Group, failed to narrow their differences over the takeover price and other terms.
LOTTE Himart Co Ltd is a Korea-based company mainly engaged in the sale of electronic products. The Company mainly sells home appliances, smart phones and tablet personal computers (PCs) through retail stores and online shopping malls. In addition, the Company provides installation, repair and maintenance services for home appliances and electronic products.
MBK Partners cancelled the acquisition of 65.25% stake in Hi-mart Co., Ltd. from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation, HI Consortium Investment Co., Ltd, Hi-mart Chairman Sun Jong-koo and other stakeholders.