VIG Partners acquires 100% of Eastar Jet for KRW 150bn
- Deal value
- $103m
- Stake
- 100%
- Implied 100%
- $103m
- Revenue
- $0m
- Op. income
- -$34m
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
2022 별도 · DART-verified
2022 별도 · DART-verified
DART 20230329000973
- Target
- Eastar Jet · Low-cost airline
- Buyer
- VIG Partners · FI
- Seller
- Sungjung Co.
- Structure
- —
- Announced
- Jan 6, 2023
- Closed
- Jan 30, 2023
- Stage
- Closed
Target
Eastar Jet is a low-cost carrier founded in 2007 that began Gimpo-Jeju service in 2009. Its air operator certificate lapsed during COVID-19, it went through court rehabilitation that ended in March 2022, and it was fully capital-impaired at the time of the deal.
Deal rationale
According to Asiae, seller Sungjung sold the airline for its normalization and development, and VIG and Sungjung agreed a successful relaunch was essential for the Korean aviation industry. VIG said it would eliminate capital impairment via a KRW 110bn third-party rights issue, introduce B737-8 aircraft and build transparent governance; the deal is the eighth investment of VIG Fund IV. NewDaily reported industry views that the fast closing aimed to speed AOC reissuance by stabilizing finances.
| Revenue | $0m |
| Operating income | -$34m |
| EBITDA | — |
| Net income | — |
2022 별도 · DART-verified · 20230329000973
Press coverage
- 아시아경제 (2023-01-06): “구주를 400억원에 가져오고, 유상증자로 회사에 1100억원을 추가로 투입하는 구조다”
- 뉴데일리경제 (2023-01-31): “이스타항공 인수 절차 완료”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.