SEOUL, KOREA - IMM Private Equity is getting the limelight as it has closed deals in excess of 1 trillion won for the year to date.
Within this month at the earliest, the private equity fund firm will sign the main contract with GS Engineering & Construction to take over the controlling stake in Parnas Hotels with a 67.56-percent stake. The bid price for Parnas last month when the firm was selected as the preferred bidder was estimated at 750 billion won.
Earlier, IMM Private Equity had purchased the LNG business unit of Hyundai Merchant Marine at 500 billion won, followed by the acquisition of an 18.4-percent stake in T-Broad, a cable TV channel operator, at the cost of 200 billion won. In March this year, it purchased convertible bonds issued by Handok Pharmaceuticals. In all, the private equity fund firm would have invested 1.5 trillion won if it can close the Parnas deal this month.
Given the investment banking industry's tendency to prefer fund management firms with proven track records, it is widely expected IMM Private Equity will be able to get more investments. For example, Korea Post invested 300 billion won in June with IMM Private Equity. Song In-joon, IMM president, said, "By the first half of next year, we plan to raise 1 trillion won, followed by 1.2 trillion won by the end of 2015."
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