CENTROID Investment Partners completed the acquisition of 72% stake in Booxen Co., Ltd. from Woongjin Co., Ltd..
May 14, 2020
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CENTROID Investment Partners agreed to acquire 72% stake in Booxen Co., Ltd. from Woongjin Co., Ltd. (KOSE:A016880) for KRW 49.3 billion on May 7, 2020. Under the terms of transaction, Centriod will acquire total 5,873,720 shares of Booxen Co., Ltd, comprising of 4,073,720 common shares and 1,800,000 preferred shares. Woongjin has the rights to repurchase the stake from Centroid within three years by exercising a call option. Woongjin Co board held a meeting to pass the resolution on May 7, 2020. Transaction is expected to close on May 15, 2020. Proceeds from transaction will be used to repay debt borrowed from OK Capital that will mature in August 2020.
CENTROID Investment Partners completed the acquisition of 72% stake in Booxen Co., Ltd. from Woongjin Co., Ltd. (KOSE:A016880) on May 15, 2020. KPMG Samjong Accounting Corp. acted as due diligence provider to CENTROID Investment Partners. Samjong KPMG Advisory Inc. acted as fairness opinion provider to CENTROID Investment Partners.
WOONGJIN CO., LTD., formerly Woongjin Holdings Co., Ltd. is Korea-based investment holding company engaged in the management of its subsidiaries. Its subsidiaries are Woojing Energy Co., Ltd., which manufactures ingots and wafers used for solar energy cells; WOONGJINPLAYDOCI CO., LTD., which operates theme park and recreational facilities; Tae Seung LP Co., Ltd., which provides business consulting service, as well as OCEAN SUITES Co.,Ltd, which operates hotels. It also provides information technology (IT) service.