On the morning of the 30th, Woongjin's stock price is strong at 8%. The buying surge appears to be due to news that Woongjin is acquiring Fried Life, the top funeral service provider in the country.
As of 9:16 a.m. on the 30th, Woongjin is trading at 1,176 won, up 93 won (8.59%) from the previous trading day. It traded at 1,330 won in early trading, recording a 10% increase at one point.
Earlier, Woongjin announced on the 29th that its subsidiary WJ Life had signed a stock purchase agreement (SPA) with VIG Partners, a private equity firm, to acquire a 99.77% equity stake in Fried Life.
Fried Life is the leading company in the domestic funeral service industry, holding 2.56 trillion won in advanced payments as of the end of last year, and was acquired by VIG Partners in 2020.
Woongjin Group stated that it plans to maximize synergies between its existing education and leisure businesses and funeral service operations through this acquisition.