April 20, 2024

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[THE INVESTOR] MBK Partners is seeking to complete due diligence for acquisition of E-Land Group’s restaurants and lifestyle businesses by the end of this week, according to local media reports. 

MBK Partners founder and chairman Michael Byung-ju Kim

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The country’s largest private equity management company has been awarded exclusive rights to negotiate a price for the takeover of the assets estimated to be worth up to 800 billion won (US$705.59 million). 

It was given access to the virtual data room by E-Land in the second week of April for six weeks, but seeks to finish it before time. 

The food and dining division of E-Land Park is estimated to be worth 500 billion won based on the recent EBITDA multiplied 10 to 12 times. Modern House, the living goods brand under E-Land Retail is assessed to be worth 200 to 300 billion won, according to industry estimates. 

MBK Partners is expected to utilize its US$4.1 billion blind fund that was formed at the end of last year. 

By Hwang You-mee (glamazon@heraldcorp.com)