Viva Republica, the operator of Toss, is pushing to acquire Marston Capital, marking a significant step toward entering the capital business. In the financial investment industry, it is noted that while Toss continues due diligence under favorable circumstances, the uncertainty of success remains due to the competition with other financial institutions participating in the acquisition.
According to the financial sector on the 18th, Toss is conducting due diligence with Samjung KPMG for the acquisition of Marston Capital. The estimated acquisition price is reported to be about 25 billion won. Marston Capital is a financial company founded in 2022 with investments of 12.1 billion won and 7.9 billion won from Marston Investment Management and NH Investment & Securities, respectively. Subsequently, Marston Investment Management increased its stake by investing an additional 5 billion won. Currently, Marston Investment Management holds more than 60% of the total equity, while NH Investment & Securities holds about 30%.
The emergence of Marston Capital as an acquisition target is not a recent development, but Toss's entry into the acquisition competition seems to have begun attracting significant market interest. However, the acquisition of Marston Capital by Toss is not yet confirmed. Industry insiders say that several financial institutions, in addition to Toss, are participating in this acquisition, and the final acquirer has not yet been determined.
An official in the financial sector said, "Typically, the entity that offers the highest price tends to succeed in the acquisition," but noted, "However, there are cases where the acquisition falls through even if a high price was offered due to adjustments in detailed conditions during the due diligence process."
Toss's push to acquire Marston Capital appears to be aimed at expanding its investment banking (IB) business. The goal is to maximize synergies with existing financial operations and to solidify its position as a comprehensive financial platform through entry into the capital sector. However, the possibility of variables arising from competitors' responses and negotiations on acquisition prices cannot be ruled out.
Toss is expanding its business through an aggressive mergers and acquisitions (M&A) strategy. Beyond traditional financial sectors like banking, securities, and insurance, it has broadened its market presence in areas such as electronic payment processing (PG), tax platform services, and transportation platforms, which require infrastructure and experience, through aggressive M&A.
A Toss official stated, "It is true that we are considering entering the capital business, but we have not yet confirmed the acquisition or the target."