Megastudy Education to acquire 100% of ST Unitas for KRW 180bn (terminated)
- Deal value
- $124m
- Stake
- 100%
- Implied 100%
- $124m
- Revenue
- $153m
- Op. income
- —
- Multiples
- PSR 0.8x
Deal value ÷ stake (structure unconfirmed)
2021 연결 · DART-verified
2021 연결 · DART-verified
On implied equity value
DART 20220401000601
- Target
- ST Unitas · Online education (civil-service and language test prep)
- Buyer
- Megastudy Education · SI
- Seller
- Bain Capital (50.32%) and other shareholders
- Structure
- —
- Announced
- Oct 21, 2022
- Closed
- —
- Stage
- Terminated
Target
ST Unitas is an online education content company operating the Yeongdangi (English tests) and Gongdangi (civil-service exams) brands; it bought The Princeton Review in 2017 and sold it in January 2022.
Deal rationale
Megastudy Education said it decided on the deal to strengthen its civil-service exam business and expand synergies, entering that segment after K-12 and university-transfer prep. Per The Bell, Bain Capital had invested about KRW 150bn in new shares via its special-situations fund in 2020 and would receive roughly KRW 90bn of the KRW 180bn price. The KFTC prohibited the merger on March 21, 2024, citing a combined 67.9% share in online civil-service lecture markets.
| Revenue | $153m |
| Operating income | — |
| EBITDA | — |
| Net income | — |
2021 연결 · DART-verified · 20220401000601
Press coverage
- 이데일리 (2022-10-21): “에스티유니타스 지분을 1800억원 벨류로 인수하는 계약이다.”
- 머니S (2022-10-25): “ST유니타스 지분 100%를 1800억원에 인수한다고 밝혔다.”
- 더벨 (2022-12-29): “메가스터디교육은 올 10월 ST유니타스 지분 100%를 1800억원에 인수했다.”
- 연합뉴스(다음) (2024-03-21): “두 회사가 결합 후 각 시장에서의 합산 점유율은 각각 67.9%, 75.0%로 매우 높았다.”
- 아시아경제 (2025-04-03): “2022년 매출액 1584억원, 영업이익 32억원을 기록하던 에스티유니타스”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.