KCGI consortium (KCGI, Hwaseong Industrial) acquires 100% of Meritz Asset Management (now KCGI Asset Management)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- —
- Stake
- 100%
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- Meritz Asset Management (now KCGI Asset Management) · Asset management
- Buyer
- KCGI consortium (KCGI, Hwaseong Industrial) · FI
- Seller
- Meritz Financial Group
- Structure
- —
- Announced
- Jan 6, 2023
- Closed
- —
- Stage
- Closed
Target
Mid-sized asset manager with about KRW 3tn AUM, wholly owned (2,646,000 common shares) by Meritz Financial Group. Former CEO John Lee resigned in June 2022 amid nominee-account investment allegations.
Deal rationale
KCGI said it would instil the know-how and vision of KCGI and K Global Asset Management to create a leading Korean comprehensive asset manager (SmartToday). Consortium member Hwasung Industrial said it expected synergies from business expansion, revenue diversification and access to real-estate development opportunities (NewDaily). Reports said Meritz Financial decided at group level to sell after former CEO John Lee's nominee-account allegations damaged the firm's image.
Press coverage
- 인베스트조선 (2023-01-09): “KCGI, 메리츠자산운용 인수 주식매매계약 체결”
- 이코노미스트 (2023-01-09): “매각가 400억~500억원 수준”
- 파이낸셜뉴스 (2023-01-09): “메리츠자산운용 보통주 100%인 264만6000주를 인수하는 주식매매계약(SPA)을 체결”
- 뉴데일리 (2023-01-17): “이번 지분인수를 통해 사업확장 및 수익구조 다변화와 부동산개발사업 참여기회 확보 등 시너지를 기대할 수 있을 것”
- 스마트투데이 (2023-01-09): “한국을 대표하는 종합자산운용사를 탄생시킬 것”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.