E-mart and Shinsegae Buy Out SSG.com's Financial Investors for $875.9m
A call option ends the 2018 investment by Affinity and BRV after seven years; E-mart now owns 65.1% and Shinsegae 34.9%.
Deal structure: Secondary
Target financials (LTM)
| Revenue | $929m |
| Operating income | -$81m |
| EBITDA | — |
| Net income | -$69m |
Lead
E-mart and Shinsegae bought the 30% stake in SSG.com held by its financial investors for $875.9m. E-mart paid $570.7m and Shinsegae $305.9m. The seller was Olympus Jeil-cha, the vehicle of Affinity Equity Partners and BRV Capital. The call option was exercised on 11 June 2026 and the acquisition completed on 26 August. E-mart now owns 65.1% and Shinsegae 34.9%.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It settles an exit dispute that had run since the financial investors came in in 2018. The buyers used a call option exercisable 18 months after a shareholder agreement signed in November 2024, an example of how financial investors in conglomerate affiliates get repaid.
Strategic context
| Item | Figure |
|---|---|
| 2025 revenue (consolidated) | $931m (2024: $1.1bn) |
| 2025 operating loss | $81.2m |
| 2025 net loss | $68.8m |
| Implied 100% value from the 30% price | about $2.9bn |
Financials from the DART consolidated audit report. No earnings multiple is given because the company is loss-making.
SSG.com is reported to be preparing a spin-off (split into separate companies) after the deal, tied to the separation of the Shinsegae siblings’ business groups.
What’s next
The spin-off timetable and how E-mart and Shinsegae each reorganise their online businesses afterwards are the next things to watch.
Advisors: Kim & Chang (buy-side legal)