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MBK Partners seeks to acquire Kakao Mobility Kakao in talks with MBK Partners over possible sale

Translated by Kim So-in 공개 2022-06-15 08:12:20

이 기사는 2022년 06월 15일 08:08 더벨 유료페이지에 표출된 기사입니다.

Private equity (PE) firm MBK Partners has offered Kakao Corp to sell Kakao Mobility as the PE firm wants to capitalize on the mobility industry’s rapid growth. Kakao also sat down with MBK Partners at the negotiation table as Kakao Mobility’s initial public offering (IPO) is showing little progress.

MBK Partners and Kakao are in talks over the possible sale of about 40% stake in Kakao Mobility since February, according to industry sources on Monday. Kakao is the largest shareholder of Kakao Mobility with a 58% stake.

Kakao Mobility was valued at 8.5 trillion won when a financial investor sold its stake in the mobility arm of Kakao recently. Market insiders expect the size of the deal to increase to 6 trillion won if it includes premium on management right alongside the 40% stake.

It is said the talks are in a lull due to a price gap between the two sides. There is a possibility that Kakao will restart the negotiation with MBK Partners or review new offer from a different potential buyer.

MBK Partners has been actively making exits this year. It is preparing to list Golfzon County this year and has hired managers to handle sales of Lotte Card and Modern House.

The PE firm, however, has remained silent in making investments. Its most notable move was its recent submission of a letter of intent to buy Japan’s Toshiba. (Reporting by Hyo-jung Lim)
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