Mirae Asset Securities is expected to participate in a bid for Hyundai Securities through its investment in a private equity fund, according to news reports Sunday.
The brokerage, which recently took over Daewoo Securities from the state-run Korea Development Bank, has reportedly decided to invest about 500 billion won ($430 million) in LK Investment Partners private equity for the acquisition.
LK, KB Financial Group and Korea Investment Holdings have submitted their letters of intent to purchase Hyundai Securities, whose sale will be managed by Ernst & Young Han Young accounting and professional services firm.
KB and Korea Investment previously lost out to Mirae in a takeover bid for Daewoo Securities.
Should LK acquire Hyundai Securities, Mirae Asset’s equity capital is expected to exceed 5.8 trillion won, including that of Daewoo. Hyundai Group has put its brokerage house on sale amid a cash crunch following its debt trouble with its struggling shipping company -- Hyundai Merchant Marine.
(
hkp@heraldcorp.com)
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