LIG Corp agreed last week to sell a 49% stake in LIG Nex1 to a group of Korean investors. The troubled company will use the proceeds to repay loans raised to meet the cost of put options exercised by investors in LIG Engineering Construction in 2011.
LIG, which is owned by the LG Corporation, one of South Korea’s largest conglomerates, received W420 billion $388 million in cash from the eight domestic investors for the minority stake in LIG Nex1, an aerospace and defence company.
Citi acted as the exclusive financial adviser to LIG on the transaction.
LIG owned 100% of LIG Nex1 which...