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Photo courtesy of Hugel |
[Alpha Biz= Paul Lee] Seoul – Global private equity firm CBC Group has begun the process to sell its controlling stake in Hugel Inc. (KOSDAQ: 145020), a leading South Korean biopharmaceutical and aesthetics company. Industry observers note that if a bidder offers a sufficiently high purchase price, other shareholders including GS Group and IMM Investment may also consider selling their stakes.
According to an exclusive report by the Seoul Economic Daily on September 7, CBC has appointed Morgan Stanley as the lead advisor for the transaction and has initiated contact with multiple potential buyers both in Korea and overseas. An investment banking source said: “Interest is mainly coming from foreign investors at this early stage. CBC is targeting a minimum sale price in the low-to-mid KRW 400,000 per share range.”
CBC, together with GS Group, IMM Investment, and Middle Eastern sovereign fund Mubadala, acquired management control of Hugel in 2021. At that time, the consortium purchased a 43.24% stake from Bain Capital for more than KRW 1.5 trillion. CBC and Mubadala jointly secured the largest shareholding, while GS Group and IMM Investment established a special purpose company (SPC) to participate in the acquisition.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
