이 기사는 2022년 06월 15일 08시08분 thebell에 표출된 기사입니다

South Korean private equity (PE) firm Consus Asset Management is expected to acquire Jack Nicklaus Golf Club Korea, a 18-hole public golf course in Songdo, Incheon.

New Songdo International City (NSIC), the owner of Jack Nicklaus GC, has selected Consus Asset Management as the preferred bidder to take over the priciest golf course in Korea, according to industry sources on Monday. Deloitte Anjin, which manages the sale, received letters of intent from potential buyers last month, with a number of domestic conglomerates participating in the bidding race.

The deal includes an acquisition of all of the Jack Nicklaus GC membership worth about 235 billion won. A stake in the golf club owned by NSIC will be sold through the sale. NSIC is 45.6% held by Hong Kong-based ACPG K-Land Company Limited, 29.9% by Posco Engineering & Construction and 25.4% by Troika Investment.

The golf course will be sold through a stalking-horse bidding process. In a stalking-horse bid, a preliminary bidder suggests a price for a company ahead of the auction, and other bidders submit their prices in the auction. If a company submits a price higher than the stalking-horse bidder’s price, the company asks the stalking-horse bidder if it is willing to pay the highest bidding price to buy the firm. Posco Group, the second largest shareholder of NSIC, was chosen as the stalking-horse bidder for Jack Nicklaus GC.

Despite market expectations that the deal will be a competition among Korean conglomerates, Consus Asset Management was picked as the preferred bidder as it made the highest offer. The deal will be closed if stalking-horse bidder Posco Group doesn’t exercise its preferential right by June 20. Consus Asset Management plans to immediately start fundraising if Posco decides not to exercise its right. (Reporting by Se-hun Jo)