KCGI, a shareholder activist private equity fund operator, has decided to acquire Meritz Asset Management.
KCGI said in a press release that it signed a stock sale contract with Meritz Financial Group on the 6th to acquire Meritz Asset Management. KCGI acquired 2,646,000 common shares of Meritz Asset Management, and the sale price is estimated at 400∼50 billion won. KCGI plans to pay the balance as soon as the approval process of the financial supervisory authorities is completed.
Meritz Asset Management is a comprehensive asset management company with 3 trillion won in operating assets, and its CEO position has been vacant since former CEO John Lee stepped down in disgrace in June last year over alleged borrowed-name investments. Meritz Financial Group has since pushed for the sale of Meritz Asset Management, which is said to have been negotiating with KCGI, a shareholder activist private equity fund.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
