There are further signs that Korea is experiencing significant changes in its corporate landscape, as assets are shuffled between leading conglomerates and private equity firms. Often, the febrile activity matches the debt-burdened with the cash-rich.
The latest deal was announced yesterday, as Woongjin Holdings said it will sell Woongjin Coway, a leading Korean water purifier manufacturer, to MBK Partners for W1.2 trillion $1.1 billion.
MBK will pay W50,000 a share for the 28.4% stake and the 2.5% owned by the children of Woongjin chairman and founder Yoon Seok-keum. That represents a 33% premium to Coway’s Tuesday closing price of W37,550 a share.