On the 18th, the Saemaul Geumgo Central Association held a board meeting and approved the exercise of the priority purchase right for M Capital. The acquisition price for M Capital is reported to be around 467 billion won.
The Central Association noted that it expects to secure synergy through collaboration with M Capital, which engages in industrial finance and corporate finance. The Central Association plans to finalize the acquisition of M Capital through a corporate merger notification in the first half of next year.
The Central Association secured the right to preferentially purchase 98.37% of M Capital's equity by investing as a limited partner in the private equity fund formed in 2020 for the acquisition of M Capital. This preferential purchase right allows for the acquisition of the equity at 1.2 times the price-to-book ratio (PBR). Considering the deteriorating management situation of M Capital, Saemaul Geumgo completed changes to its articles of incorporation on the 6th to lower the acquisition price to 1.1 times the PBR after discussions with other limited partners.
A Central Association official said, "Through the acquisition of M Capital, we expect to expand the business area of Saemaul Geumgo and be able to provide comprehensive financial services to our customers."