Dentistry Investment (MBK Partners / UCK Partners consortium) acquires 96.1% of Osstem Implant for KRW 2.3tn

FI Bio & Healthcare Dental implants

Deal value: $1.6bn
Stake: 96.1%
Implied 100%: $1.7bn
Revenue: $727m
Op. income: $162m
Multiples: EQV/EBIT 10.2xPSR 2.3x

DART 20230316001388

Target: Osstem Implant · Dental implants
Buyer: Dentistry Investment (MBK Partners / UCK Partners consortium) · FI
Seller: Public shareholders via tender offer; founder Choi Kyoo-ok
Structure: —
Announced: Jan 25, 2023
Closed: Apr 12, 2023
Stage: Closed

Target

Osstem Implant is Korea's largest dental implant maker, with preliminary 2022 revenue of KRW 1,048.9bn (+27.2% YoY). It underwent a trading suspension after a KRW 221.5bn embezzlement case surfaced in late 2021.

Deal rationale

The UCK consortium said it had been discussing a control acquisition with Chairman Choi Kyoo-ok since the trading suspension to overhaul governance and improve internal controls. The tender offer price of KRW 190,000 carried 40% and 51% premiums to the 1- and 3-month average closing prices, and about 9.3% held by Chairman Choi was to be bought at the same price under an SPA signed 2023-01-21. Aju Economy reported a plan to voluntarily delist upon success; after the second tender the consortium held 96.1% including treasury shares, exceeding the 95% delisting threshold. KCGI, the third-largest shareholder, had demanded governance reform and welcomed the deal.

공개매수·상장폐지

Revenue	$727m
Operating income	$162m
EBITDA	—
Net income	—

2022 연결 · DART-verified · 20230316001388

Press coverage

인베스트조선 (2023-01-25): “최대 2조원대 공개매수”
인베스트조선 (2023-04-12): “2차 공개매수 성공…지분율 96.1%”
이데일리 (2023-12-18): “약 2조3000억원”
아주경제 (2023-01-26): “오스템임플란트 거래정지 사태 발생 직후부터 최규옥 회장과 회사의 거버넌스를 개편하고 내부통제 시스템을 개선하기 위한 경영권 인수를 논의해왔다”
뉴시스 (2023-02-23): “1년 전 대비 27.2% 증가한 1조489억원으로 잠정 집계됐다”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.