A private equity firm LK Partners, in collaboration with Korea's third-largest cement supplier Hanil Cement, will acquire Hyundai Cement, the sixth-largest player in Korea's cement market. This acquisition will clear the way for Hanil to leapfrog itself into Korea's largest cement company, bringing about change in the landscape of the nation's cement industry.
The state-run Korea Development Bank selected LK Partners as the prime negotiator for the acquisition of an 84.56-percent stake in Hyundai Cement which has been held by its creditors. Among major bidders, LK Partners made the highest bid of more than 600 billion won by enlisting the nation's third-largest cement company Hanil Cement as a strategic investor.
LK Partners won the bidding race by attracting a deep-pocketed partner, thereby raising the possibility that the M&A deal could end in a success. Hanil Cement is known to have more than 500 billion won in cashable assets. LK Partners and Hanil Cement plan to finance more than half of the acquisition fund by leveraging the PEF raised by LK Partners.
Singapore’s Ascendas-Singbridge Group closed the acquisition of a newly-built office building in Seoul for S$124.3 million ($92.3 million) this week, in what appears to be an opportunistic investment. Ascendas sees long-term potential in the 19,578-square-meter ICON Yeoksam tower, built in&hellip
The Military Mutual Aid Association, the Employment Insurance Fund and an unidentified South Korean institutional investor have committed a total of $110 million to LaSalle Investment Management’s 804 million-pound ($1 billion) debt fund focusing on the UK and western Europe.&hellip
Private equity firm KKR & Co. and the Public Officials Benefit Association (POBA) have put two commercial buildings in South Korea up for sale separately, in transactions expected to fetch a combined $1 billion and in what would be KKR’s&hellip