[THE INVESTOR] Seoul-based private equity firm Gordon & Partners has been selected as the preferred bidder to take over Consus Asset Management, according to industry sources on Aug. 9.
Gordon & Partners made a bid of about 20 billion won (US$17.88 million) to 25 billion won for a 51.4 percent stake in Consus, held by Hanil Cement, Honorary Chairman Huh Dong-sub and his family. The PEF is also seeking to take over additional shares of Consus issued through a capital increase.
The deal, which is managed by Deloitte Anjin, has been up in the market since 2015. Earlier, DGB Financial Group was picked as preferred bidder, but the deal fell through. The sale resumed last year when Singapore-based ARA Asset Management was given priority rights, but both sides were unable to narrow differences over the terms. Seoul-based PEF Whale Investment was next in line, but it was scrapped for failing to get the regulator’s clearance.
Industry sources expect this time the sale will go through as Consus is putting all-out efforts to sell the stakes, in light of recent warnings by the regulator. The Financial Supervisory Service has ordered Hanil to dispose its stake in the Consus by the year-end, citing antitrust laws that ban holding firms from owning a stake in financial companies.
Gordon & Partners is a new PEF founded last year by Lee Sung-rak, ex-CEO of Shinhan Life Insurance.
By Ahn Sung-mi (firstname.lastname@example.org)