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| 골프존카운티 경남. (사진=골프존카운티) |
[Alpha Biz=(Chicago) Reporter Paul Lee] Golf Zone County, which was considered a big IPO, has been put up for sale in the merger and acquisition (M&A) market.
MBK Partners, the largest shareholder of Golf Zone County, turned to the sale after its listing plan was disrupted. The estimated selling price is about 2 trillion won.
According to the investment banking (IB) industry on the 23rd, MBK Partners selected Morgan Stanley, the IPO organizer, as the organizer of the sale of Golf Zone County. Morgan Stanley is said to have recently sent a teaser letter containing the sale of Golfzon County.
The largest shareholder of Golfzon County is Korea Golf Infrastructure Investment, a special purpose corporation (SPC) established by MBK Partners. As of the end of last year, he owns 54.83% of Golf Zone County's common shares and 3.54% of convertible preferred shares.
The second largest shareholder is Golfzon Newdin Holdings (121440) with a 41.63% stake. Reflecting the fact that the convertible preferred stock can be converted to 10 shares per common share, the share of MBK Partners will be increased to 70% and that of the second-largest shareholder will be adjusted to 30% at the time of conversion.
If the sale is completed, MBK Partners will exit for the first time in five years. MBK Partners has invested a total of 300 billion won in Golf Zone County.
Golf Zone County recorded 309.7 billion won and 127.7 billion won in consolidated sales and operating profit last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
