The Military Mutual Aid Association, which is seeking to sell mPLUS Asset Management, has selected a new asset management company as a preferred negotiation partner.
According to the investment banking (IB) industry on the 29th, the Military Mutual Aid Association and the sale manager Samil PricewaterhouseCoopers have selected Apex Asset Management as the preferred negotiation partner for the sale of management rights of mPLUS Asset Management.
mPLUS Asset Management, established in 2008, is a real estate specialized asset management company fully owned by the Military Mutual Aid Association, which put the company on the market last year in accordance with its asset management company consolidation policy.
The sale target is the 70% equity stake in mPLUS Asset Management held by the Military Mutual Aid Association, which started preliminary bidding in February and conducted a total of three final bids, with Apex Asset Management being selected as the final acquisition candidate.
Earlier, the Military Mutual Aid Association designated the private equity fund (PEF) operator Cobalt Investment-VCM consortium as the preferred negotiation partner for mPLUS Asset Management, but it was canceled due to the consortium's failure to secure funding.
Apex Asset Management, a new asset management company established in 2022, is reported to have approached the acquisition of mPLUS Asset Management with the goal of expanding its business area. The acquisition price is said to be around 20 billion won.
Meanwhile, Plus Asset Management has core businesses in real estate leasing and alternative investments, managing approximately 1.3 trillion won in assets as of the end of last year. It reported an operating loss of 4 billion won last year.