This article was published on March 25, 2025, at 5:50 p.m. on the ChosunBiz MoneyMove site.
While Kakao's golf specialty company KakaoVX is pushing for a sale of management rights, Murex Partners, which has been selected as the preferred negotiation partner for acquisition, has yet to complete its fundraising even after seven months.
While Murex Partners' funding has been delayed, it is reported that KakaoVX's valuation has dropped to about 150 billion won. Until the end of last year, the target corporate value was 250 billion won, but as the sale has dragged on, performance has worsened, dampening investor sentiment.
According to the investment banking (IB) industry on the 25th, Murex Partners is raising about 140 billion won as the preferred buyer for KakaoVX. The acquisition target includes 50-55% of the 65% stake held by the largest shareholder Kakao Games, as well as 100% of the 35% stake owned by financial investors (FIs) One Asia Partners and Stonebridge Capital.
Murex Partners values KakaoVX at 210 billion won in total. Of this, Kakao Games is expected to reinvest between 30 billion and 40 billion won to reclaim 10-15% equity, while it is reported that KX Group will invest 30 billion won and DESC Group will invest 10 billion won out of the remaining 170 billion to 180 billion won. KX Group owns the Shinra CC in Yeoju, Incheon Club72 on Yeongjongdo, and Paju CC. DESC Group is trying to participate in the acquisition of KakaoVX to acquire Seragio GC, which is operated by KakaoVX.
Murex Partners still needs to raise an additional 130 billion to 140 billion won. Even if it can secure about 100 billion won through acquisition financing, it still needs to raise another 40 billion won. The industry reports that Murex Partners once sought an investment of 40 billion won from Yanolja, but that plan fell through.
The problem is that the market perceives KakaoVX's corporate value to be far below Murex Partners' target. According to IB industry insiders, asset management companies and other financial investors (FIs) that received acquisition participation proposals are currently estimating this company's value to be around 150 billion won.
An IB industry insider noted, "When Murex Partners first pursued the acquisition early last year, KakaoVX's corporate value was nearing 300 billion won. Then it dropped to 250 billion won, and now it is seeking funding at 210 billion won, but it is difficult to find investors willing to enter at that valuation."
The industry points out that Kakao Games has granted Murex Partners an unusually long period for exclusivity. Murex Partners' exclusive negotiation period ended at the end of August last year. However, after failing to complete funding within that timeframe, it has been confirmed that KakaoVX continued to extend the deadline.
It is not the case that KakaoVX had no other options. According to industry sources, it is reported that a mid-sized private equity firm, A Company, attempted to acquire KakaoVX at a corporate value of 250 billion won in partnership with a KOSDAQ-listed company at the end of last year. Kakao Games granted A Company exclusivity but requested them to wait, stating, "Murex is a priority," and ultimately, A Company's acquisition attempt fell through.
With KakaoVX's performance deteriorating, the market views the completion of the management rights sale with skepticism. Last year, KakaoVX recorded sales of 124.1 billion won and a net loss of 18.4 billion won. Compared to the previous year’s sales (146.3 billion won) and net loss (10.8 billion won), the performance has significantly worsened.