Affirma Capital (Juventus Holdings SPC) acquires 40.33% of JTC for KRW 89.9bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $62m
- Stake
- 40.33%
- Implied 100%
- $154m
- Revenue
- $213m
- Op. income
- $33m
- Multiples
- EQV/EBIT 4.7xPSR 0.7x
Deal value ÷ stake (structure unconfirmed)
2025 연결 · Multiple reports agree
2025 연결 · Multiple reports agree
On implied equity value
- Target
- JTC · Duty-free retail (Japan tax-free shops)
- Buyer
- Affirma Capital (Juventus Holdings SPC) · FI
- Seller
- Koo Chul-mo (former chairman)
- Structure
- —
- Announced
- Jul 28, 2025
- Closed
- Sep 12, 2025
- Stage
- Closed
Target
Operator of post-purchase (tax-free) duty-free shops in Japan, listed on KOSDAQ in 2018 with a February fiscal year-end; described by Herald Economy as Japan's No. 1 tax-free shop operator.
Deal rationale
Affirma Capital exercised in July 2025 a call option (KRW 4,309 per share) over founder Koo Chul-mo's shares, acquiring 40.33%, having taken 29.2% in 2022 through a third-party rights issue of about KRW 50bn at KRW 3,314 per share; a mandatory tender offer for 20.2% (about KRW 45bn) at the same price followed under Japan's one-third rule. Herald Economy reported that improved results on recovering travel demand appeared to influence the option exercise and that no delisting was planned.
| Revenue | $213m |
| Operating income | $33m |
| EBITDA | — |
| Net income | — |
2025 연결 · Multiple reports agree (not yet checked against DART)
Press coverage
- 헤럴드경제 (2025-07-28): “매수가격은 주당 4309원이며”
- 더팩트 (2025-08-02): “전체 매수액은 450억원 규모다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.