Cobalt Investment / VCM consortium to acquire 70% of M-Plus Asset Management for KRW 42bn (terminated)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $29m
- Stake
- 70%
- Implied 100%
- $41m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- M-Plus Asset Management · Real estate asset management
- Buyer
- Cobalt Investment / VCM consortium · FI
- Seller
- Military Mutual Aid Association
- Structure
- —
- Announced
- Apr 2, 2025
- Closed
- —
- Stage
- Terminated
Target
M-Plus Asset Management, founded in 2008, is a wholly owned asset manager of the Military Mutual Aid Association specializing in real estate leasing/development and overseas alternative investments, with reported AUM of about KRW 1.3tn as of end-October 2024.
Deal rationale
Reports say the Military Mutual Aid Association put a 70% stake up for sale in late 2024 amid high real estate alternative exposure; the Cobalt Investment-VCM consortium was named preferred bidder in April 2025 but lost that status after missing the 25 April deposit deadline following two extensions due to funding delays. Dealsite reported Cobalt offered KRW 42bn for 70% with the remaining 30% covered by a put option.
Reported multiples
- PBR 2.6x 순자산 약 230억원 기준(딜사이트 추산) source ↗
Press coverage
- 딜사이트 (2025-06-24): “엠플러스운용 지분 70%를 420억원에 인수하고 잔여 지분은 군공의 풋옵션을 수용하는 구조를 제시했다.”
- 딜사이트 (2025-04-02): “전날 VCM-코발트인베스트먼트 컨소시엄에 엠플러스자산운용 인수 우협에 선정됐다고 통보했다.”
- 한국경제 (2025-04-28): “최종 기한인 25일까지도 납부가 이뤄지지 않아 매각 협상이 결렬됐다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.