Shinhan Financial Group's GIB division announced on Nov. 10 that it has successfully arranged a $120 million deal for acquisition of global manufacturer Closure Systems International (CSI).
The acquisition deal was made to help Canister International Group established by global private equity fund Cerberus Capital to take over the North American and Japanese units of U.S. bottle cap maker Closure Systems International.
In the deal, Shinhan's GIB division arranged acquisition financing worth $120 million, or 27 percent of the total $450 million.
Analysts say that even in the market situation where the deal has declined owing to COVID-19, group companies such as Shinhan Financial Investment, Shinhan Bank and Shinhan Capital have made deals through organic collaboration, starting with the deal sourcing of New York's GIB Desk, solidifying their positions as leaders in the overseas acquisition and financing sectors.
Meanwhile, the GIB business sector continues to expand its global IBs by installing GIB Desk in financial centers around the world to strengthen the group's global capital market competitiveness and secure new revenue sources.
Early this year, the company secured the exclusive right to arrange financing for the acquisition of a U.S. healthcare IT company worth 100 billion won ($88 million) and conducted syndicated loans for domestic investors.
It is also strengthening its global acquisition financial competitiveness by participating in Nestle Skin Health business and Legoland acquisition financing with global investment banks.
"Shinhan Financial Group will strengthen its overseas IB business based on various know-how of the GIB business sector," a Shinhan Financial official said. "We will continue to make efforts to become a global financial group by diversifying profitability by exploring new global markets."
